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President Joe Biden effectively rejected on Tuesday evening a Democratic plan put forward by Sens. Elizabeth Warren to wipe out up to $50,000 in student loan debt per borrower.

"I will not make that happen," he said at a CNN town hall event. "It depends on whether or not you go to a private university or a public university."

Biden said he was reluctant to forgive debt for people who attended elite institutions, listing Harvard University, Yale University, and the University of Pennsylvania as examples.

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The president instead touted another proposal to provide free community college to individuals earning below $125,000 each year. "Everyone should be able to go to community college for free," he said. "That costs $9 billion and we should pay for it."