While Not the Whole Shebang, Forgiving $20,000 in Student Debt is a Major Step in the Right Direction

Photo by Logan Isbell on Unsplash

When campaigning for the presidency, Joe Biden stated:

“I propose to forgive all undergraduate tuition-related federal student debt from two- and four-year public colleges and universities for debt-holders earning up to $125,000, with appropriate phase-outs to avoid a cliff.”

Still riding the win from the passage of the Inflation Reduction Act, President Joe Biden scored another this week when he signed an executive order authorizing the federal government to cancel up to $20,000 in student debt.

While this frustratingly is not “all undergraduate tuition-related federal student debt” he promised when vying for the White House two years ago, it is nonetheless a major progressive move three months before one of the most consequential mid-term elections in the nation’s history.

There is lots of confusing minutia around this decision, and neither side is short on the inevitable punditry.

But, in short, here is what the student debt forgiveness plan entails, as Business Insider reported:

“Pell Grant recipients making under $125,000 a year will be eligible for up to $20,000 in debt relief.

“All other federal borrowers making…