Editorial — Don’t forgive and forget: Biden’s student debt cancellation plan not grounded in law

However, Biden also declared that he would forgive student debt to borrowers with loans issued by private banks but guaranteed by the federal government: up to $20,000 for those with Pell Grants and up to $10,000 for those without Pell Grants. Individuals who earn less than $125,000 per year or couples who earn less than $250,000 per year are eligible.

Members of the Biden administration cited the Higher Education Relief Opportunities for Students Act of 2003 as justification for the president’s decision. The HEROES Act permits “the secretary of education to waive or modify any requirement or regulation applicable to the student financial assistance programs under title IV of the Higher Education Act of 1965 …” This may be for members of the military as well as individuals who “suffered direct economic hardship as a direct result of a war or other military operation or national emergency.”

The problem with Biden’s loan forgiveness program is that it will merely ask applicants to affirm that they meet the stated income threshold. It will not require them to demonstrate that they suffered “direct” economic hardship due to a war, military operation or any national emergency as required by the law.

The administration’s rationale for eliminating $400 billion in student debt and arguments supporting this plan have virtually nothing to do with our national emergency pertaining to the coronavirus pandemic.

Many proponents point out how outrageously expensive it has become to obtain a degree in higher education. Others focus on the widespread inability that racial minorities have historically experienced in passing on generational wealth, which makes higher education more affordable.

These are valid points. But again, the HEROES Act doesn’t base its authority to revise financial assistance programs on either of these issues. This law is about helping individuals who have been adversely affected by war or a national emergency with the education-related needs.

Biden’s plan also does nothing to address the problem of the escalating costs of higher education. Devising ideas to tackle this crisis will open more opportunities for students to continue their academic pursuits in college than merely telling millions of people they don’t have to pay back the loans that they took out with the pledge to make good on them.

In deliberating the two cases it heard Feb. 28, Supreme Court justices will need to resolve two questions: Do the groups bringing these legal challenges have standing to do so, and did the Biden administration adhere to the law when laying out its student debt forgiveness plan? We’ll know the answer in a few months.

However, the administration could wrap this debate up by withdrawing its ill-advised plan. Canceling $400 billion in student debt may be great for those who no longer have to follow up on their promise to pay this money back, but it’s a horrible deal for the rest of the country. Everyone who pays federal taxes will be on the hook to pick up this tab, and there’s nothing fair about that.