Personal Finance: Should Biden Have Forgiven More Student Debt?

President Joe Biden’s decision to pardon his son with seven weeks left in his term prompted some Americans to ask him to "pardon” their student debt, but forgiving student loans isn’t so simple. Americans racked up a total of $1.6 trillion in student loans as of June 2024, according to Pew Research Center. One in four adults under 40 had student loan debt, preventing many from buying homes, starting families and saving money, the study found. Biden took several actions to address the issue during his four years in office but has faced multiple challenges. He succeeded in enacting more than $166 billion in forgiveness for about 4.4 million borrowers, according to recent data from the U.S. Department of Education.

In October, the department said the Biden administration approved additional forgiveness, bringing the total relief to $175 billion in student debt relief for nearly 5 million borrowers. Some are still pushing Biden to broaden that relief to more financially strapped people before he leaves office in January.