- Since Biden took office, he’s taken a number of actions to address the $1.7 trillion student-debt crisis.
- They include cancelling debt for borrowers with disabilities and extending the payment pause on loans.
- Democrats are pushing for him to cancel $50,000 in student debt per person, which the DOJ is reviewing.
Forty-five million Americans have a $1.7 trillion student-debt burden in the country. And many of them, alongside Democrats and advocates, want President Joe Biden to forgive $50,000 of their debt.
He hasn’t done that yet, but the president has taken steps to lessen the burden and provide relief during the pandemic.
As one of his first actions in office, Biden extended the pause on student-loan payments through September, coupled with zero growth in interest, to ensure borrowers suffering financially would not have to worry about paying off their loans.
Since then, Education Secretary Miguel Cardona has cancelled billions in student debt for borrowers with disabilities and borrowers defrauded by for-profit schools. He’s also started conducting reviews of student loan forgiveness programs that don’t work as they should.
But Democrats want Biden to do more.
They have been keeping the pressure on the president to cancel $50,000 in student debt per person using his executive authority. Biden has expressed hesitancy to do so, and although he has asked the Education and Justice Departments to review his executive abilities to wipe out that debt, Democrats remain adamant that he can, and should, cancel student debt immediately with the flick of a pen.
“Student loan cancellation could occur today,” Massachusetts Sen. Elizabeth Warren told Insider. “The president just needs to sign a piece of paper canceling that debt. It doesn’t take any act of Congress or any amendment to the budget.”
Detailed below is everything Biden has done to date to confront the student debt crisis: