Fixing Student Debt and Finding a Pathway to Good Jobs
By Christian Collins and India Heckstall
The Biden-Harris Administration’s student debt relief efforts aim to alleviate the burden on borrowers, particularly those from marginalized communities. Despite the Supreme Court blocking broad forgiveness under the HEROES Act, the administration has forgiven $167 billion through targeted measures like the SAVE Plan, which caps payments at 5 percent of income and forgives debt after a set period. Reforms to the Public Service Loan Forgiveness program and support for defrauded students have also been key. However, recent legal and legislative challenges threaten these efforts. With the fiscal year 2025 budget cycle approaching, increased funding for Pell Grants and tuition-free community college initiatives are essential for reducing and preventing student debt. Policymakers must act to protect these gains and support future debt relief efforts.