What Will Joe Biden Do About Student Loans If He Wins Re-Election?

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2023-06-09 09:52:00  • 4 mins

When Joe Biden ran for president in 2020, he promised to forgive student loans for anyone earning up to $125,000. That's exactly what he has attempted to do as president.

However, it's quite possible that the issue will be front and center, yet again, in the next presidential term. What will Biden do about student loans if he wins re-election in 2024?

Image source: Getty Images.

Possibly nothing

Biden could do absolutely nothing about student loans if American voters give him a second term. He might not have to do anything.

The Supreme Court hasn't handed down its decision yet on challenges to the Biden administration's implementation of a student loan forgiveness plan. However, the ruling is expected to come this month.

The White House remains hopeful that the Supreme Court will be on its side. If so, the president's plan, which has been paused due to a lower court ruling, will again kick into gear.

That plan forgives up to $20,000 of student loans for Pell Grant recipients and up to $10,000 for non-Pell Grant recipients. The main catch is that a borrower must have an individual income of less than $125,000 or household income of less than $250,000.

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