The news of President Joe Biden stepping down from his re-election campaign, though anticipated by some, now raises numerous questions regarding the upcoming election. The Biden administration has prioritized higher education, addressing issues from the FAFSA fiasco to student loan repayment and forgiveness. The newly selected Democratic nominee will need to consider the accomplishments of the Biden administration while also advancing their own agenda during the campaign.
One pressing question for college students and student loan borrowers is: what will happen to the initiatives the Biden administration has been pursuing?
Biden's Higher Education Agenda
Higher education policies have profound implications, shaping not only tuition fees and student loans but also the quality and accessibility of education. The Biden administration has dedicated its term to addressing student loan forgiveness and the student debt crisis. Throughout this period, the administration faced multiple challenges regarding its initiatives. Additionally, it navigated the complexities of FAFSA implementation and vowed to make higher education more affordable if re-elected.
Currently, the Biden administration's SAVE Plan, the newest income-driven repayment strategy, is under legal scrutiny from several states. Two significant court cases have impacted the plan's implementation. Recently, a federal appeals court halted the plan, leaving millions of borrowers uncertain about their repayment future. With the election looming just months away, it is uncertain whether the Biden administration will see these court cases to completion.
Beyond the new repayment plan, the administration is also striving to authorize student loan forgiveness. The U.S. Supreme Court overturned Biden’s initial attempt. His subsequent plan is progressing through the negotiated rulemaking process, with the U.S. Department of Education aiming to finalize regulations by November 1. This timeline would set a July 1, 2025, implementation date, unless otherwise noted in the final rules or regulations. However, these efforts remain at risk with the approaching election.
The Political Control Shift
A change in presidency often brings shifts in political priorities. Even if the new president belongs to the same party, their approach may differ. While we might see similar initiatives, the methods and priorities can vary. Typically, a party nominee's agenda becomes clear during their campaign. The upcoming campaign for the next nominee will be much shorter than that of the Republican nominee.
When both the president and the political party change, the impacts are usually more significant. Although we have yet to hear the Democratic nominee’s plans, the Trump campaign has already outlined an agenda that far different from the Biden's campaign agenda.
Trump's Higher Education Agenda
Former President Donald Trump has already outlined his Agenda47, presenting a stark contrast to Biden's policies. His vision includes establishing the American Academy, a federally funded college that won't increase the federal debt. This plan aims to tax, fine, and sue excessively large private university endowments. Additionally, Trump proposes eliminating most income-driven repayment plans, leaving borrowers with just one option, and reverting the federal student loan system to private lenders.
These policies suggest a shift towards a more market-driven approach to higher education. If Trump or a similar candidate succeeds, it could dismantle many of Biden's initiatives.
The Democratic Nominee
Many believe Vice President Kamala Harris could be the next democratic nominee, though this is not guaranteed. If nominated, many expect her administration’s priorities to closely align with those of the Biden administration, potentially continuing similar policies and approaches.
Her alignment with President Biden is evident in initiatives like the student loan forgiveness plans, which was named after both her and the president, the Biden-Harris Administration’s Student Debt Relief Plan. Should she be elected president, it is anticipated that her administration would vigorously address the legal challenges surrounding the SAVE Plan and other forgiveness efforts.
If she is not nominated, each candidate chosen as the nominee will have presented their own agenda during the campaign. While each candidate may propose unique policies, we do anticipate the democratic nominee to address some of the initiatives in progress.
The Save Plan
One of the significant educational reforms under Biden's administration is the SAVE Plan. This plan aimed to provide relief to millions of borrowers by implementing more forgiving loan repayment structures. The future of this plan is uncertain and depends heavily on the next president's stance.
Cabinet and Senior Staff Changes
A new president brings a new cabinet. Should Harris be nominated and elected, some current cabinet members might remain in her administration. However, the final selection of the president’s cabinet rests with the incoming president. Forming a new cabinet can take several weeks or even months, as this requires presidential appointments that must be confirmed by the Senate.
The 2024 Presidential Election if Far from Over
With Biden stepping down, we enter a waiting period to see who the new Democratic nominee will be and the subsequent election results. This uncertainty makes it difficult to predict the exact impacts on higher education. The choice of the Democratic nominee is crucial for their party. Choosing a nominee this late in the election cycle could offer certain advantages. Meanwhile, the Republican nominee, former President Donald Trump, has already published his agenda. The Democratic National Committee now can carefully evaluate and select the strongest candidate for the election. However, a major drawback is the limited time the Democratic nominee will have to campaign. The true impact on higher education will remain unclear until the election is decided, and the next president takes office.