Biden has promised to fix these programs and address the college affordability crisis. And he must. However, borrowers, their families, and their communities cannot wait 20 or 25 years while hoping for the Department of Education finally succeeds in what it has failed to do for decades.
Because of the nature of the student loan portfolio, providing a certain amount of relief per borrower already serves to target the relief, as the highest earning borrowers with the most debt will still continue to owe significant amounts of debt. Moreover, providing relief to student loan borrowers is already targeted; it provides relief to only those who could not afford to access higher education without debt, and not to the “elite” — like the 97% of Harvard College students — who already graduate without debt.
Biden has promised relief that will correct these longstanding systemic injustices, and borrowers cannot wait. He needs to deliver on that promise now.