Until fairly recently, student debt cancellation was considered to be a fringe idea that, while popular among the Occupy Wall Street crowd and on the left, was a mainstream nonstarter. That’s begun to change.
The Covid-19 pandemic and resulting economic downturn have pushed the issue even further to the forefront. The CARES Act and then President Donald Trump put a pause on federal student loan payments during the pandemic that expires at the end of January. But with the coronavirus crisis worse than ever, there is a growing chorus of activists, politicians, and voters calling for student debt cancellation as a form of economic stimulus. That chorus is pushing Democrats and, namely, President-elect Joe Biden to go big on student debt, using federal action to wipe out some or even all of what borrowers owe.