Biden wants 'targeted' student loan cancellation—but what does that mean?
Biden could nevertheless proceed to cancel student loan debt using one or both of these statutory authorities, risking potential court challenges. However, based on his past comments expressing concerns that widespread student loan forgiveness would benefit wealthy graduates of Ivy League schools , Biden may try to limit relief based on certain criteria, such as a borrower’s income or the type of school they attended.
Changing how these programs work could ultimately result in substantial relief for a wide swath of borrowers. But the regulatory rewrite process — called negotiated rulemaking — is painfully slow, involving multiple rounds of public hearings and consensus-building. It could be one to two years before the process is complete and new regulations are finalized.The Biden administration would likely cooperate with Congress to enact more far-reaching student loan reforms.
But such an approach may not satisfy the most ardent supporters of broad cancellation of student debt. Relief would be provided in fits and starts, and many borrowers would not see any benefits at all before the expiration of the student loan payment pause ; that could lead to hardship and default for many.
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