Foreword | Delivering on Debt Relief
9 Pages Posted: 5 Jan 2021
Date Written: November 23, 2020
This foreword introduces a compendium of articles outlining the legal authorities for administrative cancellation of student debt. As of the date this compendium was published, the nation’s outstanding cumulative student debt burden stands at $1.7 trillion, collectively shouldered by 45 million Americans. This burden continues to rise unchecked—in only four short years, outstanding student debt is estimated to reach nearly $2 trillion.
Yet, armed with the benefit of hindsight and buoyed by the possibilities afforded by a new administration, we recognize that we can and must act. President Biden will take office with the tools needed to take immediate action to eliminate this burden for tens of millions of people who have been needlessly forced to bear its brunt.
Without a single new act of Congress, the President has the power to execute these laws as they were intended and to pry open the safety valves designed to protect borrowers. Each of the key levers for debt relief under current law is available to provide overdue, immediate relief to millions of people with student debt.
Keywords: student loan, student debt, cancellation, forgiveness, discharge
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