.EleniSchirmer follows up with a 91-year-old law-school graduate whose debt of more than $300,000 was recently cancelled by the Department of Education. Some other aging student debtors are still waiting for relief.
to cancel upward of fifty thousand dollars of debt per student. Biden promised to cancel ten thousand. Once Biden was elected, the White House spent months preparing a memo detailing the Presidential authority to cancel student debt. The Administration also changed the strategy on the Corinthian Colleges debts.
Among them was Betty Ann’s thirty-year-old grandson, Jeremy, a filmmaker active in progressive politics. He has thirty-six thousand dollars of student debt from his undergraduate degree, in film and political science. Student debt has defined Jeremy’s generation. “Everyone I know has tens of thousands of dollars of student debt,” he told me. “You either didn’t go to college or you took on some amount of student debt. In my mind, it’s like paying rent. It’s just a thing you have to do forever.
But perhaps the major question at this moment is not what it would mean for the President to cancel student debts but what it would mean for the Presidentto cancel student debts. Many young voters, who significantly helped Democrats in the 2022 midterms, went to the pollsof the promised student-debt relief. Failing to deliver to these voters could pose problems for a 2024 Biden-Harris campaign. There are also economic costs to consider.
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