The Biden Jubilee 100 is a group of 100 student loan borrowers who have stopped paying their debt. The Debt Collective, which calls itself “a union for debtors,” has organized the strike, hoping to pressure President Joe Biden to cancel the country’s entire outstanding student loan balance of $1.7 trillion.
Thomas Gokey, co-founder of The Debt Collective, said:
“We’re going to win what we organize for.”
On the campaign trail, Biden said he supported $10,000 in student loan forgiveness, but he is under mounting pressure from members of his own party, advocates and borrowers to go further by canceling $50,000 per person and to do so through executive action.
Although Biden in the past has expressed hesitation about canceling student debt without Congress, White House press secretary Jen Psaki suggested this month that the administration hadn’t ruled out the possibility. On his first day in office, Biden extended a pause on payments for federal student loan borrowers that has been in effect since March until this coming September.
Critics of student loan forgiveness argue that it wouldn’t significantly stimulate the economy since college graduates tend to be higher earners who would likely redirect their monthly payments to savings rather than additional spending. Others say it would be unfair to those who’ve already paid off their student debt or never took out loans, and would send the message that it’s OK for people to ditch their debts.