— to forgive as much as $20,000 in federal loans for certain borrowers making less than $125,000 per year, $250,000 for households — is based on his authority in the 2003 Heroes Act. A Supreme Court ruling invalidating the loan forgiveness program looks likely as the court issues some its most momentous decisions this week.
The political stakes are high. The loan relief plan was one of the president’s signature initiatives and disproportionately benefits younger adults and minorities, both crucial Democratic constituencies that can be difficult to turn out for elections. Delivering student loan relief will be “extremely important” to motivating young and minority voters for Biden’s reelection, said Adam Green, co-founder of the Progressive Change Campaign.
“Debt cancellation is totally legal,” Taylor said. “It happens all the time and the president has other legal authorities. The Higher Education Act should be used immediately and rapidly to deliver on this essential commitment.”