Biden promised to forgive some federal student loan debt. It’s time to follow through

When Alex Stutzman applied for a mortgage to buy a house in Belton, she worried she would be denied because of the more than $23,200 in student loan debt hanging over her head.

Now, with a mortgage of more than $200,000, the 20-something — like millions of others strapped with thousands of dollars in college debt — is anxiously waiting to hear if President Joe Biden will finally keep his campaign promise to forgive some or all federal student loan debt.

It’s time for the waiting to end — in a substantial amount.

The word from top federal education officials is that they are ready to put a forgiveness plan into action but are waiting on Biden to say go, which would be one of the biggest announcements of his presidency.

That may happen sometime before the end of this month when a pause on federal student loan repayment expires. Otherwise, the president either extends the moratorium or borrowers would have to start paying as soon as Sept. 1.

This is not a hard decision. The Biden administration has been kicking the idea around now since before he stepped into office. It has a plan, and there is no reason not to go ahead and put it into motion.

Millions of borrowers, hoping for financial relief, have been hanging in limbo for more than two years. Federal student loan payments have been paused since the start of the COVID-19 pandemic.

The expectation is for $10,000 of student loan forgiveness, because Biden campaigned on that amount. The average federal student loan debt is about $28,000 for bachelor’s degrees.

Some progressives in Congress have lobbied for forgiving as much as $50,000.

An announcement like that would be akin to hitting the lottery for Stutzman and her friend Sam DuVall, who left college in 2019 with $40,000 in federal student loan debt.

“It would mean I could focus more on helping my dad with his hospital bills, as well as actually be able to consider finishing my degree which would help me find work in a field that is meaningful to me,” DuVall said.

The total student loan debt in this country is a record $1.7 trillion. Any forgiveness would be only on federal loans, and would not include the 6 million who borrowed from private lenders.

There has been a lot of debate over the benefits of student loan forgiveness, with some arguing that it rewards people who reached above their means.

Whatever happens, Stutzman says, a decision in the next few weeks from Biden, will help her plan her financial future. Not knowing is added stress. Right now, she is working full-time and taking classes online trying to finish up her degree from Missouri University of Science and Technology — and racking up more student debt.

“I worry I’ll never be able to pay the loans back in full,” Stutzman said. “I really do hope for loan forgiveness. It would be a miracle if my student loans were relieved.”

Likely young voters — Republicans and Democrats age 18 to 34 — overwhelmingly support canceling student debt, regardless of whether they have such debt themselves, according to the latest polls by the Student Borrower Protection Center.

“Younger voters put Joe Biden in the White House on the promise of broad relief from the crushing burden of student debt,” said Mike Pierce, executive director of the nonprofit Student Borrower Protection Center, in a news release.

Pierce said that as the country recovers from a devastating pandemic and economic crisis, younger voters are clear in their expectations from the Biden-Harris administration: “Building back better means canceling student debt for all borrowers.”

We agree: Biden must keep this promise.