Professor John Brooks shared his expert opinion on the ability of the President to cancel student debt. Payments on federal student debt have been paused since early in the COVID-19 pandemic.
Ahead of another deadline on the restart of payments for America’s $1.7 trillion in federal student loans, President Joe Biden on Wednesday announced a plan to cancel debt for a subset of Americans and continue to keep a pandemic-era pause on the repayments — a sweeping move he has openly weighed in some form or another since his time as a candidate.
“In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023,” Biden wrote in a Twitter post.
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“The president has some pretty broad authority under the Higher Education Act,” said John Brooks, a law professor at Fordham University who focuses on federal fiscal policy.
“A lot depends on the size of the cancellation. The smaller the amount of cancellation, the easier the question is,” Brooks said. “Wiping out all student debt with a single stroke might be tougher, but the president through the secretary of education does have the power to adjust the amount of loan principle that any borrower has.”