A Biden administration could start fixing student debt by fixing a 15-year-old mistake

Will President-elect Joe Biden give a wealthier-than-average portion of the population a huge bailout when he enters office? It’s something that a number of Democratic politicians are hoping he does.

Senate Minority Leader Chuck Schumer and Sen. Elizabeth Warren support a plan that would eliminate up to $50,000 of debt for federal student loan borrowers. “We believe that Joe Biden can do that with the pen as opposed to legislation,” Schumer recently said, referring to an executive order. Other members of the Democratic Party have been saying that Biden should cancel student debt, including Reps. Alexandria Ocasio-Cortez of New York and Ayanna Pressley of Massachusetts.