Indeed, as Ron Kline, President Biden's chief of staff, pointed out:
Joe Biden, right now, is the only president in history where no one's paid on their student loans for the entirety of his presidency.
What's next? I predict President Biden will announce significant student-debt relief this fall--in time to impact the 2022 midterm elections.
After all, it would be political madness for the Biden administration to force student borrowers to begin making payments again only weeks before the nation goes to the polls to elect the next Congress.
Sometime in August or September, I think the President will do one of three things:
- He may reduce each student debtor's loan balance by $10,000, which he promised to do on the campaign trail.
- He might wipe out $50,000 of debt for each college borrower, something Senator Elizabeth Warren, Senator Chuck Schumer, and other progressive Democrats have urged him to do.
- President Biden might go the full monty and cancel all student debt, totaling $1.7 trillion.