Biden’s Student Loan Cancellation Plan Will Only Worsen a Larger Problem in Higher Education

Last week, President Biden visited Madison, Wisconsin where he announced new details for his student debt cancellation plan. While this initiative promises immediate short-term financial relief, it avoids addressing the deeper systemic issues plaguing American higher education. “Starting this fall we plan to deliver up to $20,000 in interest relief to over 20 million borrowers and full forgiveness for millions more,” Biden remarked in a new approach aimed at primarily attacking student loan interest payments. In addition, income-driven repayment (IDR) plans will now automatically cancel debt for borrowers and debt...