During his contentious campaign, President Joe Biden made many steep campaign promises to beat out former president Donald Trump. These promises included canceling $10,000 for all 43 million federal student loan borrowers. However, some voters felt misled by Biden and indicated that he did not deliver on that promise. Jennifer Lewis, a 57-year-old nurse practitioner in Washington state who has about $80,000 in student loan debt, said,"He's not delivering on his promise. If he were to run again, I would think twice about voting for Biden for president at all.” According to a recent poll, about 66 percent of likely voters support the president forgiving student debt, with over 70 percent of Latino and Black voters supporting the idea.

Biden did take more action to cancel  student loan debt than any other President. One of his first actions after coming into office was extending the pause on student loan payments and interest in response to the pandemic and inflation. Moreover, the US Department of Education has cancelled nearly $2 billion in student loans for over 100,000 borrowers who work in the public sector, defrauded by for-profit colleges, and borrowers who are permanently disabled since he took office. These moves have delivered significant relief to more than 700,000 borrowers, totaling more than $17 billion. These policies demonstrate a sharp turnaround from the Trump administration’s former Education Secretary, Betsy DeVos, but Biden is still facing pressure from some Democratic lawmakers who are hoping for more and civilians like Jennifer Lewis who have not received benefits yet.

Advocates for student debt cancellation proposed that canceling student loan debt would increase house ownership rates, housing stability, credit scores, wages and salaries, GDP, small business formation, and job opportunity. Student loan relief would also help reduce the racial wealth gap since Black students are more likely than White students to take on student debt, borrow higher sums, and take longer to pay it off. From the perspective of low income families, the inflation caused by covid has largely increased living expenses. The loans have been suspended, but when they are put back into effect, they will add significant pressure to the lives of many.

In contrast, some economists state that canceling student loan debt is not the best way to jump-start the economy and might not generate a big GDP boost.  A Goldman Sachs analysis found that even if hundreds of billions of dollars are spent on forgiving student debt, the positive impact on GDP would be less than 0.1 percent. It would offer little economic stimulus compared to other programs such as the small company loan program or enhancing unemployment compensation. More importantly, economists warn that extending the payment pause could worsen inflation and have little impact on individuals’ current finances

During the pandemic and Biden’s campaign the once marginal idea of student debt cancellation gradually became mainstream and received attention from the government. President Joe Biden has not entirely fulfilled the promise he made when he ran for president, but his efforts despite heavy pressure from multiple groups can still be seen. We do not know how he will solve this dilemma and whether he will be able to fulfill his previous promise.