The Introduction
The discussion continues between President Joe Biden and progressive Democrats in Congress, as they disagree on how to achieve a shared political goal: canceling hundreds of billions in student loan debt.
The Growing Burden of Student Loan Debt
Student debt has increased by 600% since 2004, with approximately one in eight Americans holding some form of student loans. Student loan debt can be a burden on the economy at large, as younger people with student debt spend less on goods and services and are less likely to own homes.
Calls for Bold Action
One of the main obstacles to moving forward revolves around whether Biden (or any president) has the authority to unilaterally cancel federal student loan debt. The Department of Education and the president have canceled specific cases of student debt using executive power. For example, President Donald Trump utilized executive authority to streamline the debt forgiveness process for totally and permanently disabled veterans. During President Barack Obama’s administration, the Department of Education established rules allowing the department to discharge federal loans for students whose school closed while they were enrolled or shortly after they withdrew.
What Biden Has Done (and What He Might Do)
In the United States, the federal government owns or guarantees 92% of all student loans. There are over 15 million federal borrowers with student debt of $10,000 or less, and 9.2 million others with debt between $10,000 and $20,000. Canceling $10,000 in federal student debt would wipe out $242.8 billion in debt, according to a study by the University of Chicago.
The Conclusion
Momentum in Washington seems to be heading toward providing some form of relief, but it will require patience. Biden’s nominations of Miguel Cardona as Secretary of Education and Rohit Chopra as Director of the Consumer Financial Protection Bureau will create a “system that puts borrowers first,” according to reports. It may take some time to achieve relief from student debt due to pandemic relief efforts and the new dynamics in Congress, but policymakers are paying attention to student debt relief.
Source: https://www.thebalancemoney.com/will-biden-cancel-student-loan-debt-5114080
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