The Failed Legal Case Against Student Debt Jubilee

Abstract

This paper reviews and rebuts the arguments presented to date that the Executive lacks authority to engage in mass student loan cancellation. Legality skeptics have presented no compelling argument that the relevant statutory text, which authorizes the Secretary of Education to “waive … or release .., any claim” is ambiguous. Without such a showing, all other arguments against the legality of jubilee fail.

Keywords: student loans, student debt, cancellation, forgiveness, jubilee

JEL Classification: K23