Biden is out of control.
As President Biden nears the end of his term, he’s making a final push to forgive more student loan debt, continuing a policy agenda that has faced consistent legal and political hurdles. Despite setbacks, his administration is determined to extend debt relief through new regulations announced by the Department of Education earlier this month.
Biden’s latest move focuses on expanding eligibility for long-term repayment programs. The new rule would extend the deadline for borrowers to enroll in Income-Contingent Repayment (ICR) or Pay-As-You-Earn (PAYE) plans—programs that promise to forgive any remaining student loan debt after 20 years of on-time payments. The deadline, originally set for July 2024, will now be pushed back to July 2027. While this move could provide temporary relief, it raises concerns about the long-term sustainability of such policies and their impact on taxpayers.
Compounding this effort, the Biden administration is also pushing a one-time debt forgiveness initiative that could cancel loans for individuals deemed at high risk of default. The Department of Education is considering a “predictive assessment” that would forgive debt based on the likelihood that borrowers will default, which critics argue could be overly broad and inefficient.
Earlier in the year, Biden proposed a sweeping plan to forgive up to $10,000 in student debt for borrowers earning less than $125,000 annually, with Pell Grant recipients eligible for up to $20,000 in relief. However, the Supreme Court struck down this plan in June 2023, citing the lack of congressional approval for such a massive, unilateral move.
As the 2024 election approaches, former President Trump has not yet detailed how he would handle Biden’s student loan forgiveness agenda, but he has signaled his intent to overhaul the education system. Former Education Secretary Betsy DeVos, who served under Trump, has been vocal in her criticism of Biden’s approach. She argues that if taxpayers are going to foot the bill for student loans, the system must be reworked to ensure it is both effective and efficient, with a greater role for private sector lending.
The Biden administration’s actions reflect a growing frustration with the student loan crisis, but they also underscore a deep divide over the best way forward. While Biden pushes for relief, conservatives are calling for a more sustainable, market-driven solution. As the issue continues to unfold, the future of student loan policy may well be decided by the next administration.