SPOKANE, Wash. – As President Joe Biden’s term nears its end, he is taking steps to expand student loan debt cancellation. Recently, 150,000 borrowers have had their loans canceled through programs established before Biden took office.
During his four-year tenure, Biden has forgiven over $183 billion in student loan debt, benefiting roughly five million people. This equates to an average debt savings of about $36,000 per person.
Logan Dole from North Idaho shared his thoughts on student loans, stating, “It’s a recipe for failure when you’re starting your life out.” He explained that the fear of taking on student loans deterred him from attending college. “I would have loved to gone to college but I had to go out and work in the fields since I was 10,” he said.
Dole’s mother went back to school at age 50, after decades of work, to pursue college with little debt. He emphasized, “If you’re constantly crippling these people with debt, it turns a lot of people off from even pursuing their education.”
Monday’s announcement of debt cancellation for 150,000 borrowers was welcomed by many. Dole said, “Student debt forgiveness is an imperative thing to do.”
However, opinions on social media were mixed. Some agreed with Dole, while others argued, “Student loans are the responsibility of the borrower, and not the taxpayer.”
Most borrowers benefiting from the recent cancellation attended now-defunct universities owned by the Center for Excellence in Higher Education. Court rulings found these schools were deceitful about loan terms.
Nationally, U.S. borrowers owe over $1.7 trillion in student loan debt, with $1.6 billion being federal loans. The Department of Education reports the average student loan debt is just over $37,000.
In Washington, residents account for nearly $29 million in student debt, averaging about $36,000 per person. In Idaho, residents owe just over $7 billion, averaging slightly over $33,000 per person.
Biden has canceled more student loan debt than any other president, despite a 2023 Supreme Court decision that blocked an additional $400 billion in cancellations. His views on student debt relief have faced criticism from Republicans. President-elect Trump has previously labeled student debt cancellation as “vile” and “illegal.”
Dole believes that relieving student debt benefits the country as a whole. “If your people are doing well then your country is going to do well,” he said.
According to AP News, the latest round of relief primarily comes through a program called borrower defense, which allows students to have their loans canceled if they were cheated or misled by their colleges. The program was created in 1994 but was rarely used until a wave of high-profile for-profit college scandals during the Obama administration.
