From the moment Joe Biden was officially declared the winner of the 2020 election, left-wing activists pivoted from collectively supporting Biden in order to defeat Trump to pressing him to enact progressive policies.
One of those policies is unilaterally enacting student debt relief through executive action.
As Blue Tent previously reported, 44 million Americans have student loan debt, totaling $1.6 trillion dollars. Of those, about 25% of adults with student loans have fallen behind on payments.
While Biden has released a plan for addressing the crisis and making higher education more affordable, he's also said that he's unlikely to use his executive power to forgive student loan debt.
Speaking to The Washington Post and other members of the press, Biden said, "It's arguable that the president may have the executive power to forgive up to $50,000 in student debt. Well, I think that's pretty questionable. I'm unsure of that. I'd be unlikely to do that."
"I've spent most of my career arguing against the imperial presidency," Biden added. "We got three equal branches of government. I'm confident that there are a number of areas that are of such consequence that they go beyond the partisan boundaries."
Despite Biden's confidence, Republicans have signaled that they don't support student loan debt cancelation. With the fate of the Senate still up in the air, it's still unclear whether or not student loan debt relief will arrive through legislation. That leaves the president to take on the task.
Progressive activists
More than 250 organizations have signed an open letter calling for Biden to cancel student loan debt through executive action on the first day of his presidency. Originally published by Americans for Financial Reform, signers included numerous progressive groups, including the Center for Popular Democracy Action, Demand Progress, Indivisible, MoveOn, People's Action and the People's Parity Project.
The letter states in addition to providing "much-needed economic stimulus," student loan debt relief would also help reduce the racial wealth gap. According to a study from the Center for Responsible Lending, student debt disproportionally affects borrowers of color, particularly Black Americans.
"Canceling student debt would disproportionately help borrowers of color, respond to the coronavirus crisis, and provide much needed economic relief and stimulus," the letter states. "We call on you to deliver on the promise of the Biden-Harris Racial Economic Equity plan by canceling federal student debt by executive action on Day One of your administration."
Additionally, progressive advocacy group RootsAction is also circulating a petition calling for Biden to cancel student debt as part of its campaign to hold Biden accountable.
RootsAction explained that the average college graduate is coping with approximately $30,000 in loans. Even students who drop-out of college carry a lot of debt.
"By canceling student debt, we can stimulate the economy from the group up and make it possible for America's young adults to pursue their dreams — including careers helping the most vulnerable among us — without the often-crushing burden of debt," wrote RootsAction.
Political support
But it isn't just activists calling for action. Although canceling student loan debt was once a fringe idea, mainstream politicians, including Senate Minority Leader Chuck Schumer, are now embracing it.
Alongside progressive congressional leaders, including Sen. Elizabeth Warren (D-NY) and Reps. Ayanna Pressley (D-MA), Ilhan Oman (D-MN) and Alexandria Ocasio-Cortez (D-NY), Schumer has urged the incoming Biden administration to cancel up to $50,000 in student loan debt.
In a letter to Warren, Harvard University affirmed the president does indeed have the authority to do so.
"Education is supposed to be a ladder up, but for too many the burden of student debt has become an anchor holding them down," said Schumer. "Cancelling student loan debt would help boost our struggling economy and close the racial wealth gap that has persisted for far too long."
"The President of the United States has the power to broadly cancel student loan debt, help close the racial wealth gap, and give a big boost to families and our economy," added Warren. "It's time to use this existing authority and permanently improve the lives of tens of millions of Americans."
Pushback
Of course, while canceling student debt does enjoy significant support, it also has opposition, even from the Left.
People's Policy Project think tank president Matt Bruenig has argued canceling student debt "does not really make sense as a stimulus measure" as the money would be "garnished by creditors," leaving nothing for households.
Bruenig also argues that canceling student debt would disproportionately help those who don't need it. "In 2019...65 percent of the households with student debt, which together owe 46 percent of all the student debt, have a positive net worth," wrote Bruenig. "This means that they could already eliminate their student debt if they were willing to liquidate their assets and use their cash to pay off their student debts."
According to a poll conducted by Vox and Data for Progress, 51% of likely voters support up to $50,000 of student loan debt forgiveness. Only 25% of likely voters support forgiving all student loan debt.
The scale of how much debt to cancel ranges from canceling no debt at all to canceling all debt. Biden initially supported canceling student debt up to $10,000 through legislation. However, whether or not this is possible rests on the outcome of the Georgia senate runoffs, which will determine who controls the senate.
For now, progressives will continue to press Biden to cancel student loan debt because regardless of who controls the Senate, the president has the power to take action through his executive power.
"As president, Joe Biden will have the power to administratively cancel billions in student loan debt owed to the federal government," wrote RootsAction. "We demand that he use that power."
