June 8, 2022 — Report

The Center for Law and Policy and National Consumer Law Center

President Biden ran on an agenda that included student debt relief for the more than 44 million borrowers who collectively owe over $1.6 trillion. This would be in line with the Biden Administration’s racial equity goals, as it would include relief for the millions of Black borrowers who are disproportionately affected by the student loan crisis. While the administration has made progress in providing limited cancellation to a small percentage of borrowers, most are still waiting for relief as the president considers potential models for broader cancellation. Regardless of what the administration decides with respect to cancellation, much remains to be done to reform the college funding and student loan servicing systems to end the student debt crisis.