A critical look at President Biden’s broken promise on student debt cancellation and how it helped shape Donald Trump’s return to the presidency in 2024.

President Joe Biden, a centrist Democrat known for his incremental, consensus-driven approach to policy, entered the White House in 2021 with a promise that resonated with millions of Americans burdened by student debt. On the campaign trail, Biden vowed to cancel $10,000 in federal student loans per borrower, telling voters it should be done “immediately.”1 But over the course of his administration, that promise was diluted into a complicated patchwork of targeted programs, temporary fixes, and legal defeats. The result: frustration, financial strain, and a growing sense of betrayal among borrowers who had counted on real relief.

As Biden left office in January 2025, Donald Trump was sworn in once again as President, buoyed by a wave of disillusioned voters—many of them young, educated, and deeply disappointed. This article critically examines Biden’s failed student debt promise, its impact on individuals and the broader economy, and how it contributed to the political dynamics that ushered Trump back into power.

From Big Promises to Piecemeal Policy

Biden’s original pledge was straightforward: cancel a minimum of $10,000 per borrower.2 That figure became a touchstone for voters, especially younger Americans for whom debt is a daily reality. Early in his presidency, Biden extended the pandemic-era pause on loan payments and interest, a move that provided temporary relief but no permanent solution.3

Instead of sweeping cancellation, the Biden administration rolled out a series of smaller-scale actions. These included fixing broken programs like Public Service Loan Forgiveness (PSLF), forgiving loans for permanently disabled borrowers, and expanding borrower defense for those defrauded by for-profit colleges. By late 2021, roughly $12.7 billion had been forgiven for around 638,000 borrowers through these targeted initiatives.4

In August 2022, Biden announced a broader cancellation plan: $10,000 for most borrowers and $20,000 for Pell Grant recipients earning under $125,000 (or $250,000 per household).5 The plan was immediately challenged in court by Republican-led states. In June 2023, the Supreme Court struck it down, ruling that such sweeping debt relief required congressional approval.6

Legal Setbacks and Conservative Pushback

Chief Justice John Roberts, writing for the majority, argued that the Secretary of Education lacked the authority to cancel hundreds of billions in loans under the 2003 HEROES Act, a law originally intended to support military families during times of national emergency.7 Justice Elena Kagan, dissenting, noted that the plaintiffs had no direct injury and were simply ideologically opposed to the policy.8

Even after the ruling, the Biden administration sought alternative paths. The Education Department introduced the SAVE (Saving on a Valuable Education) Plan, which reduced monthly payments and offered forgiveness after a set number of years. However, Republican states filed lawsuits to block these new rules too, and by late 2024, key elements of SAVE were frozen by the courts.9

Broken Trust, Broken Dreams

Borrowers were left confused and discouraged. Many had adjusted life plans around the promised relief. Ashley Robinson, a 33-year-old consultant in Washington, D.C., said she had “trusted Biden to deliver on something big.” The failure to do so, she added, “definitely negatively impacts how I feel toward him.”10

Others echoed similar sentiments. Cleopatra Melton, a 45-year-old banker in Ohio, said she had hoped to buy her first home with the money saved through cancellation. The court decision and lack of follow-through crushed that dream.11 Emily Weir, a 33-year-old counselor in Colorado, noted the double standard: “It’s frustrating to see the government bail out companies that make a lot of money and then fight us so hard on trying to get a little bit of relief.”12

These personal stories were reflected in polling data. By late 2023, over 70% of voters under 30 rated the economy as “fair” or “poor,” and student debt was frequently cited as a contributing factor.13 Analysts noted that while Biden had technically forgiven more debt than any previous president, the narrow targeting and legal instability of his programs left many borrowers feeling left out and misled.

Political Consequences: From Hope to Apathy

The political fallout was significant. In 2020, Biden had enjoyed overwhelming support among young and college-educated voters. But by 2024, enthusiasm had waned. Robinson said she still planned to vote in 2024 but would do so without enthusiasm: “I genuinely believe this is Biden’s best, but I don’t believe that Biden’s best is sufficient.”

Progressive lawmakers, including Senator Elizabeth Warren, repeatedly urged Biden to use more aggressive tactics: “Don’t listen to out-of-touch pundits whose biggest worry is that we might help working people too much.”14 Meanwhile, conservatives seized the issue to energize their base, labeling the relief efforts as unfair handouts. Republican Rep. Virginia Foxx compared student debt to car loans and called cancellation “an abuse of executive authority.”15

The result was a credibility gap. Biden’s centrist, incremental strategy failed to deliver on bold promises. The economic and emotional impact on voters—especially those already struggling with housing, inflation, and job insecurity—translated into lower enthusiasm, especially in battleground states.

The Return of Trump

On November 5, 2024, Donald Trump won the presidency, retaking key states Biden had won in 2020. Analysts pointed to multiple factors: economic frustration, voter fatigue, and the perception that Biden had failed to meet the moment. Among them, the broken student debt promise stood out as a potent symbol of unmet expectations.

As Biden exited office, his administration pointed to accomplishments: $180 billion in relief across 5 million borrowers.16 But the numbers couldn’t mask the political damage. Trump’s campaign capitalized on the failure, framing Biden as ineffective and detached from everyday Americans.

In the end, the story of Biden’s student debt pledge serves as a cautionary tale about the limits of centrist governance during a period of economic crisis. For many borrowers, it was not just a policy failure—it was a personal betrayal that changed how they saw the Democratic Party, and perhaps democracy itself.

Footnotes

  1. Biden, J. (2020). Remarks on Student Loan Forgiveness. Campaign Event Transcript. ↩
  2. NPR. (2021, December 10). Biden’s Promise to Cancel Student Debt Remains Unfulfilled. https://www.npr.org ↩
  3. U.S. Department of Education. (2021). COVID-19 Relief and Loan Forbearance Update. https://www.ed.gov ↩
  4. Washington Post. (2021, November 5). Biden Administration Cancels $12.7B in Loans for Disabled and Defrauded Borrowers. ↩
  5. The White House. (2022, August 24). Fact Sheet: Student Loan Relief Plan. https://www.whitehouse.gov ↩
  6. Supreme Court of the United States. (2023). Biden v. Nebraska, 600 U.S. ___ (2023). ↩
  7. Ibid. ↩
  8. Ibid., Dissent by Justice Kagan. ↩
  9. Reuters. (2024, August 11). SAVE Loan Program Partially Blocked by Federal Court. https://www.reuters.com ↩
  10. ABC News. (2024, September 22). Borrowers Respond to Biden’s Student Loan Setbacks. ↩
  11. Ibid. ↩
  12. Ibid. ↩
  13. Pew Research Center. (2023). Young Voters and the Economy: A Deepening Divide. ↩
  14. Warren, E. (2022). Remarks on Student Loan Relief. Senate Floor Speech. ↩
  15. Foxx, V. (2022). Statement on Student Debt Forgiveness. House Committee on Education and Labor. ↩
  16. U.S. Department of Education. (2025, January 10). Final Student Loan Relief Statistics. ↩