Obama's former Education Secretary urges Biden to abolish student debt.

• John B. King Jr., who was education secretary under former President Obama, is among officials urging Biden to abolish student debt.
• In the previous month, 80 members of the House and Senate penned a missive to Biden, imploring his administration to take action on debt relief.

John B. King Jr., who served as education secretary under former President Barack Obama, has joined other leading government officials in urging President Joe Biden to cancel student debt through executive action.

The outstanding student loan balance in the United States is undeniably a crisis, as stated by King, a candidate for governor of Maryland, in an editorial published on Wednesday in Business Insider.

Student debt frequently hinders individuals from purchasing a home, starting a family, or launching a new business, according to King.

Besides King, a former U.S. Education Department official under President Trump, Johnson, a senior student loan official, resigned in 2019 and advocated for broad cancellation of student debt, stating the lending system was "fundamentally broken."

Despite the coronavirus pandemic, the country's outstanding student loan debt balance surpassed $1.7 trillion and posed a greater burden to households than credit card or auto debt. Approximately 25% of borrowers, or 10 million individuals, were estimated to be in delinquency or default.

Biden is facing pressure from Senate Majority Leader Chuck Schumer and Sen. Elizabeth Warren to cancel at least $50,000 per borrower.

Schumer stated that Congress is not necessary; all that's required is a pen's flick.

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The Department of Education has not yet released the report on Biden's loan forgiveness power, despite having it for over 10 months.

In January, 80 members of the House and Senate penned a letter to Biden, urging his administration to release the report and to immediately erase $50,000 in student debt for all.

Opponents of a student debt jubilee argue that it would be unjust to those who did not borrow for their education and those who have already paid off their loans. Additionally, they contend that it would not significantly stimulate the economy because college graduates are more likely to save their monthly payments rather than spend them.

Biden's closest circle has disagreed on the topic of loan cancellation for college graduates, and the president has questioned whether it is the best way to support middle class families.

The White House spokesperson stated that the president is still exploring administrative options for debt relief.