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Biden’s Student Loan Forgiveness Efforts Don’t Go Far Enough, the Debt Collective Says

  • 📰 TeenVogue
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If the Biden campaign wants to tout student debt relief as a major win, they need to go big, the Debt Collective says.

The amount of federal student debt wiped away under the Biden administration currently stands at $160 billion. That may sound like a lot of relief, but truthfully, this sum shrinks compared to the astronomical $1.7 trillion still burdening tens of millions, or about 13%, of Americans.

The Biden administration initially used the HEROES Act of 2003 to administer relief, which allows the Department of Education to “waive or modify” federal debt for debtors impacted by a national emergency. Their claim was that the COVID-19 pandemic was that kind of emergency and provided justification for mass debt relief. Seven weeks passed between the announcement of the plan and the launch of a website allowing people to apply for relief.

 

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