When Americans head to the polls in November, President Joe Biden will have had a direct effect on the household finances of about 4 million of them by canceling their student loan debt. Despite facing legal challenges that have hindered his efforts, more student debt has been forgiven under Biden than any previous administration. The Supreme Court struck down his new debt relief program after sending emails to 16 million people notifying them they qualified for forgiveness, causing many to feel let down. However, the Biden campaign still views student debt forgiveness as a winning issue and continues to work towards helping borrowers.
Since taking office, Biden’s administration has approved the cancellation of about $144 billion in federal student loans, equal to 9% of the $1.6 trillion of federal student loan debt currently held by borrowers. Although this falls short of the amount that would have been canceled under the rejected forgiveness program, the administration is working on developing another forgiveness program under a different legal authority. Details are expected to be released later this year, as existing debt cancellation programs continue to provide relief to borrowers. Biden has emphasized that he remains committed to providing relief to student loan borrowers, with ongoing efforts to ease the burden of debt.
Despite facing setbacks, Biden remains determined to help borrowers alleviate their student loan debt. He has criticized the Supreme Court decision that blocked his signature program and continues to advocate for student debt relief. The Trump administration’s actions, led by former Education Secretary Betsy DeVos, made it harder for borrowers to access forgiveness programs and sought to eliminate the Public Service Loan Forgiveness program. In contrast, Biden has expanded eligibility for forgiveness programs and is working to address past servicing errors, resulting in a significant increase in debt relief for borrowers.
Student loan forgiveness advocates acknowledge the progress made by the Biden administration in providing relief to nearly 4 million borrowers. While the efforts have faced challenges, the administration remains committed to addressing student loan debt and continues to develop new forgiveness programs. The issue of student loan debt has become increasingly important for voters, especially younger voters, with a significant percentage viewing it as a crucial topic for presidential candidates to address. Despite the progress in forgiveness programs, little has been done to address the high cost of college education, with calls for policies to make higher education more affordable and accessible.
The NAACP and other advocacy groups continue to push for policies that support debt-free college education and address the underlying issue of the high cost of higher education. The focus remains on ensuring that as many people as possible can graduate without taking on crippling debt. As the Biden administration works on developing new forgiveness programs, advocates are hopeful for broad relief for borrowers and are closely monitoring the delivery of relief to ensure it reaches those in need. The impact of student loan forgiveness on individuals and communities is evident, and efforts to address the ongoing issue of student debt are crucial for a more equitable and accessible higher education system.
