While President-Elect Biden begins preparing for his transition to the White House in January, advocates for student loan borrowers are already pressing him to take quick action on student loan debt once he takes office — even if it means bypassing Congress.
One of the benefits of a Biden victory is the ability to address the student loan crisis and bring massive relief to people burdened by crushing debt. Elizabeth Warren and Chuck Schumer have endorsed the next president eliminating, through executive action, $50,000 of public student debt for every borrower.
This would be an unbelievably powerful action, getting rid of student debt for the vast majority of student borrowers. I can say personally that it would be transformative for me, as it would get rid of a combined $100,000 of debt between my wife and I. It’s the kind of policy that would make it easier for me to purchase a home, save for retirement, and put away money for emergencies and other important expenses.
There will be incredible pressure on Biden to address this crisis while he’s in office, and I for one hope that he makes this a priority in 2021.















