Biden has promised to extend the pause on student-loan payments during his first day in office. Here are other steps the new administration could take for student-debt relief.
President-elect Joe Biden plans to prioritize federal student loan debt forgiveness on the first day of his presidency, but questions still remain on the likelihood of carrying out his forgiveness plans. Last week, Biden’s transition official David Kamin told reporters that Biden will direct the Department of Education on day one to extend the student loan forbearance program, which is the first direct promise the president-elect has made in combating the $1.6 trillion student debt crisis. Kamin also said in the press call that Biden supports Congress canceling $10,000 of federal student loan debt per person — an idea that Biden had previously supported as proposed by Sen. Elizabeth Warren of Massachusetts and her Democratic colleagues…There is a discrepancy among Biden and lawmakers on whether Biden can use his executive powers to cancel debt – Senate Minority Leader Chuck Schumer said to reporters last month, “You don’t need Congress; All you need is the flick of the pen.” And in a letter to Warren from attorneys from Harvard Law School’s Legal Services Center, they said that under the Higher Education Act, the president could direct the secretary of education to cancel student debt.