Cancel all federal student loan debt through executive action

With the incoming Trump administration and its anticipated policies that could further burden student loan borrowers, the urgency to broadly cancel outstanding federal student debt before January 2025 is heightened. Cancellation through the Higher Education Act would provide immediate economic relief to over 43 million Americans while heading off potential future actions to raise interest rates, restrict programs like income-driven repayment, or resume draconian debt collection practices. Any additional delay jeopardizes this opportunity to comprehensively address the $1.6 trillion student debt crisis before a new administration takes over. Swift action by President Biden is required to prevent the harm of reverting to an even more punitive student loan system.