The State of Student Loan Forgiveness: June 2024
Andrew Gillen
June 3, 2024
Mass student loan forgiveness is terrible policy (see this report for a comprehensive list of reasons), but that hasn’t stopped the Biden administration from trying to forge ahead. While the Supreme Court overturned the Biden administration’s student loan forgiveness plan, every few weeks, the administration announces another batch of loans that have been forgiven.
The administration recently celebrated that since taking office it has succeeded in forgiving $167 billion of student loans for 4.75 million borrowers by transferring the financial burden from the students who took out the loans to taxpayers who did not. And they aren’t going to stop—the administration’s spokeswoman declared, “President Biden has vowed to use every tool available to cancel student debt for as many borrowers as possible, as quickly as possible.” President Biden himself stated, “I will never stop working to cancel student debt—no matter how many times Republican elected officials try to stop us.”
