Over 1 Million Sign Petition Calling On Biden To Cancel Student Debt

Over 1 Million Sign Petition Calling On Biden To Cancel Student Debt

A petition calling on President Biden to cancel student loan debt has garnered over a million signatures.

The petition, platformed on Change.org and sponsored by the group Student Loan Justice, says, “For the good of the nation, it is time to end this broken federal lending system…. We call on President Biden to cancel all federally owned loans in his first 100 days in office… We also call on the President and Congress to return standard bankruptcy protections to ALL student loans, by executive order and through legislation.” The petition argues that cancelling student debt will stimulate the economic system. As of this writing, the petition has garnered over 1,020,346 signatures.

Recent polling suggests there may be broad, bipartisan public help for cancelling student debt. A ballot performed final 12 months by Lake Research Partners and Chesapeake Beach Consulting discovered that over six in ten Americans (63%) help completely lowering student loan debt by $20,000; whereas help was strongest amongst Democratic and impartial respondents, practically half of Republican respondents favored student debt cancellation, as effectively. Another ballot launched final 12 months by Student Defense, the Defend Students Action Fund, and Data for Progress additionally confirmed substantial, bipartisan help for student loan forgiveness, with 67% of respondents (together with 58% of Republicans) saying they might help some type of widespread student loan forgiveness — whether or not it’s common, tied to revenue, or primarily based on particular program eligibility. And a ballot launched in February the civil rights group Color Of Change discovered {that a} substantial portion of the Black citizens helps cancelling student debt, with 84% of Black respondents supporting a full or partial cancellation of student loan debt — with two thirds (67%) indicating they “strongly support” eliminating student loan debt. 

Student loan borrower advocacy organizations and progressive lawmakers in Congress have been engaged in a sustained marketing campaign to persuade President Biden to make use of govt authority to enact $50,000 or extra in mass student loan forgiveness utilizing govt motion. Advocates argue that forgiving student loan debt on a mass scale would turbocharge the economic system, and would additionally tackle vital racial disparities in increased schooling financing. Research reveals that Black debtors rely extra closely on student loan debt to finance faculty levels, have extra issue paying it again, and usually tend to default.

Student loan authorized advocates have argued that the Higher Education Act offers President Biden broad authority, through the Secretary of Education, to cancel student debt through a provision that gives the Secretary with the authority to “enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including any equity or any right of redemption.” Advocates argue that the plain language of this provision helps the conclusion that the President could cancel student debt with out Congressional enter. In addition, advocates have pointed to the HEROES Act, which President Trump and President Biden relied on to cancel billions of {dollars} in student loan curiosity, which supplies the Education Secretary the ability to “waive or modify any statutory or regulatory provision applicable to the student financial assistance programs” throughout a nationwide emergency, corresponding to a pandemic.

But Biden has expressed skepticism that he would have authorized authority enact broad student loan forgiveness unilaterally. Attorneys working beneath former Education Secretary Betsy DeVos had concluded that neither the Higher Education Act nor the HEROES Act offers the president the sort of authority that advocates say is allowable. In a authorized opinion memo, these attorneys concluded that widespread student loan forgiveness could be opposite to what Congress had initially meant when it handed that laws, as lawmakers didn’t envision mass student loan forgiveness when it handed both statute. The Department’s attorneys had concluded that, “Congress appropriated funds for student loans with the expectation that such loans would be repaid except in very specific circumstances.”

The Biden administration has stated that the President would enthusiastically signal Congressional laws that features student loan forgiveness, however Congress is presently specializing in Biden’s infrastructure plan and different legislative priorities. Meanwhile, Biden has directed attorneys on the U.S. Department of Education and the Department of Justice to conduct a proper authorized overview of potential authorities that can be utilized to cancel student debt by govt motion. There isn’t any phrase but on when that overview will likely be accomplished.

Further Reading

Biden Releases Massive Spending Plan: Free College, More Financial Aid, But No Student Loan Forgiveness

Why $10,000 In Student Loan Forgiveness May Not Help Borrowers In Income-Based Repayment

Biden’s Student Loan Forgiveness Review: Should You Take Steps Now To Get Student Debt Cancelled Later?

72,000 Borrowers Will Get $1 Billion In Student Loan Forgiveness – Do You Qualify?

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