President Joe Biden is facing pressure to make good on his campaign promise of forgiving $10,000 in student loans as the national moratorium on student loan payments is set to expire in February.
The moratorium on student loans was first enacted by former President Donald Trump in March 2020 and has been extended repeatedly by both administrations. Biden last extended the moratorium over the summer through Jan. 31, 2022, and described the move as the “final extension.”
The president has previously forgiven more than $11.5 billion in student loans for up to 580,000 student loan borrowers who were either disabled or victims of scam colleges like ITT Technical Insitute.
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— Holding Biden Accountable (@WaitingOnBiden) December 16, 2021
President Biden can cancel student debt with the stroke of a pen.
It’s that simple.
He should use his authority and provide millions with desperately needed relief.
— Ilhan Omar (@IlhanMN) December 16, 2021
Biden possesses the executive authority to abolish all student loans with the stroke of a pen under page 383 section 432A paragraph 6 of the Higher Education Act of 1965. This would give the Secretary of Education the authority to “enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including any equity or any right of redemption.”
The current amount of student debt has racked up to $1.7 trillion as millennials in…