The Democrats Debate Student Debt
President Joe Biden in a Town Hall last week. He strongly asserted that his administration will not offer any student debt cancellation. Source.
During his presidential campaign, Joe Biden promised to directly tackle a variety of issues: from coronavirus stimulus packages to forgiveness of student loan debt, his campaign promises seemed hopeful and obtainable. Recently, President Biden recently unveiled a new economic package -- called the American Rescue Plan -- which is a 1.9 trillion dollar plan that mirrors his campaign promises, with a focus on unemployment aid and subsidies for health insurance premiums. However, it is missing a key and promised component: forgiveness of student loan debt. Previously, President Biden stated the cost of college “must be lowered immediately,” and that a free four-year college education is a must for anyone from households making under $125,000. Now, he states that he will write off $10,000 of student debt for borrowers, but no more. What changed, and how is the rest of the Democratic Party reacting to this?
The statistics are staggering: 36 percent of Americans have a bachelor’s degree, yet a total student loan debt of 1.4 trillion dollars -- with most borrowers being in the 25-34 age group. Issues such as racial and ethnic obstacles, economic disadvantages, and lack of connections deeply hinder many Americans' ability to attend college alone; the rapidly growing rates of tuition only adds to their struggle. Because of its growing importance, student loan debt has been a crucial campaign point for many progressive politicians -- Senator Bernie Sanders has campaigned for complete cancellation of student debt, and Senator Elizabeth Warren has campaigned for student debt forgiveness of up to 50 thousand dollars.
Yet, student debt forgiveness has swayed from a progressive platform to a moral issue. Senate Major Leader Chuck Schumer -- a center-left leaning Senator from New York -- is also calling for President Biden to cancel up to 50 thousand dollars of debt per borrower. He and Senator Warren co-authored a resolution in September that argues for such. Among general Americans, 50 thousand is a popular number -- 52 percent of Americans support the cancellation of student loan debt in that amount, with 75 percent of Democrats in support of it. With three-fourths of Democrats in support of student debt cancellation, why is President Biden not listening to his base? “I don’t think I have the authority to make that happen,” said Biden of the issue in the most recent town hall.
It is clear that President Biden does not want to cancel a substantial amount of student debt through executive order. It appears that the only way to achieve such is through a collective, Democratic legislation. President Biden’s misalignment with the Democratic base creates a split within the party and the only solution is if President Biden upholds his initial promise of cancelling a significant amount of student debt in his American Rescue Plan.