Democratic lawmakers, meanwhile, introduced a pair of resolutions in February to both houses of Congress calling on the president to write off $ 50,000 in student debt. Democratic lawmakers, progressive activists, and even cities like Washington, DC and Philadelphia routinely voice support for debt cancellation, but there is no active legislation to that effect.
Some student loan experts are skeptical about the possibility of passing legislation in a politically polarized Congress. Cody Hounanian, program director at Student Debt Crisis, an organization that advocates for student borrowers, said pushing forgiveness through Congress will be “an uphill battle” that will take time borrowers no longer have. âBut executive action is something we know can be done immediately; he will bypass Congress, and [Biden] has the power to do it, âadds Hounanian.
The conversation about canceling the loan is unlikely to end anytime soon, says Megan Coval, vice president of policy and federal relations at the National Association of Student Financial Aid Administrators. Coval says forgiveness could still happen, and borrowers may see more targeted forgiveness due to factors like debt amount or income – although there has been no suggestion of this. nature so far.
Changes to current forgiveness plans
While a blanket remission is not ruled out, there are still targeted debt cancellation programs available to borrowers. However, these programs are underperforming and need reform, experts and lawmakers say.