Judging the discourse, many student debt elimination advocates pinned their hopes on Biden’s victory, expecting his administration to counter Trump’s overt actions to increase student loan debt. But disappointing to many when compared to their hopes, Biden announced a modest $10,000 per borrower relief plan, though even that is not in his immediate legislative proposals.
There should be no debate that the student debt and loan process itself needs reform. For example, as of 2019, for-profit schools served just 5% of all students but account for 22% of all student borrowing and about one-third of all loan defaults. That’s a business model, not an investment in education. And the abuse continues.