As the new presidential administration works to tackle the COVID-19 pandemic and the economic crisis that has resulted from coronavirus-related shutdowns, one avenue of relief that Joe Biden has been exploring is student debt cancellation. 

During his first town hall event as President of the United States on Tuesday, Biden threw cold water on advocates for erasing massive student loan debt, responding that he will "not make that happen" when asked about using his executive power to wipe out $50,000 in student debt per person, as progressives have been advocating.

Despite the president's hesitancy, a number of Democrats in Congress are still committed to major student debt forgiveness as a plan for economic relief and racial justice. In December, Rep. Ayanna Pressley declared that “student loan cancellation is a matter of racial and economic justice across our country,” noting that Black students have to take on more debt and are five times more likely to default compared to their white counterparts.

Black college graduates have nearly twice the debt of their peers, owing on average nearly $53,000 each. On Wednesday, Sen. Majority Leader Chuck Schumer and Sen. Elizabeth Warren, who joined Pressley earlier in pushing Biden to support the $50,000 plan, reiterated their support for the larger figure.

As the debate over student loan forgiveness continues, here are five things you should know about Biden's plan and where it stands now.