With President-elect Joe Biden set to take office in January, many Americans are hopeful that he will take action on student loan debt, a pressing issue that affects millions of borrowers across the country. While Biden has expressed support for measures to alleviate the burden of student loan debt, some are calling on him to go even further by forgiving student debt on his first day in office.

Currently, there is over $1.6 trillion in outstanding student loan debt in the United States, with an average of $32,731 owed per borrower. This debt can be a significant financial burden for many Americans, impacting their ability to buy a home, start a family, or save for retirement. With the economic fallout of the COVID-19 pandemic exacerbating financial challenges for many borrowers, the need for relief has never been more urgent.

During his campaign, Biden proposed several measures to address student loan debt, including cancelling $10,000 of debt per borrower as part of COVID-19 relief efforts, expanding income-driven repayment plans, and making public college tuition-free for families with incomes under $125,000. While these proposals are a step in the right direction, some advocates argue that they do not go far enough to truly address the student debt crisis.

Calls for Biden to take more decisive action on student loan debt have been growing in recent months, with progressive lawmakers, advocates, and organizations pushing for the President-elect to use executive authority to cancel student debt. This could be done through his first day in office, by issuing an executive order directing the Secretary of Education to forgive federal student loans.

Proponents of student loan forgiveness argue that it would not only provide much-needed relief to struggling borrowers, but also stimulate the economy by freeing up funds for other purchases and investments. They also point to the racial and economic disparities in student loan debt, with Black and Latinx borrowers disproportionately burdened by debt, as a reason to prioritize forgiveness.

While some critics of student loan forgiveness argue that it would be unfair to those who have already paid off their loans or chose not to pursue higher education, proponents argue that the benefits of forgiveness outweigh any potential concerns. They also point to the economic and social benefits of debt relief, such as increased homeownership, entrepreneurship, and savings.

As Biden prepares to take office and set his agenda for his first days in office, the question of student loan forgiveness remains a pressing issue. While it remains to be seen whether he will take action on this front, the growing calls for him to do so highlight the urgency and importance of addressing the student debt crisis in America. Only time will tell if Biden will heed these calls and take decisive action on student loan debt on day one.