President Biden has been finagling for the better part of his administration to find a way to forgive student loans.The policy would cost about $400 billion over the next three decades according to the Congressional Budget Office and would predominantly favor higher-income earning Americans. Most Americans have never had a student loan (fewer than 50% even have a degree), and fewer than one in five currently have one.
Given those factors, it’s no wonder Congress has not been able to rally support for the policy, which is why Biden ultimately resorted to an executive order loophole called the Higher Education Relief Opportunities for Students Act, or the HEROES Act, to get something done. The HEROES Act is yet another remnant from the mass government expansion following the September 11th attacks, and it basically gives the Secretary of Education the power to waive or modify the terms of federal student loans as they deem necessary during a national emergency.
Even Nancy Pelosi has admitted she does not think Biden has the power to wipe s …