Biden could zero out accounts. But rather than using his full powers, Biden seems dead set on a piecemeal approach instead. As recently as April 8, 2024, he announced another round of debt relief.
This new plan will eliminate interest for some borrowers, cancel debt for borrowers who've been paying for 20 or 25 years, and relieve those scammed by 'low financial value' degrees.
What makes a handful of bureaucrats more equipped to define hardship compared to, let's say, actual borrowers, some of whom advocated to identify economic difficulties as grounds for cancelation during the negotiated rulemaking process?
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