Editorial note: We earn a commission from affiliate links on Forbes Advisor. Commissions do not influence the opinions or ratings of our editors.
We also examined here how a second Trump presidency would handle student loans.
The $32,000 average loan cost for a bachelor’s degree is a significant problem affecting millions of Americans. As rumors of a possible Harris-Waltz administration gain momentum, the question arises: How would they handle student loans if they win the White House?
While it is impossible to predict exact policy decisions, political analysts and experts can make educated guesses by looking at how the Biden-Harris administration has handled student loans and the Democrats’ broader stance on higher education and debt relief.
“I think Harris and the Democratic Party largely agree that the rise in student loans is a significant crisis. Because of high interest rates, borrowers may be paying back double the amount they borrowed and still be deeper in debt,” said Rebecca Gill, associate professor of political science at the University of Nevada Las Vegas.
Let’s take a look at what might be on the horizon.
Harris’ efforts to expand debt forgiveness
Kamala Harris has long advocated for expanded student loan forgiveness, so she could continue to advocate for policies that make college more affordable and accessible.
As vice president, she championed student loan reforms, such as the SAVE plan, which reduced income-based payments and saved the average borrower about $1,000 annually.
As of August 2024, a federal court has suspended the SAVE plan, so if you are enrolled, you will be in deferment – no payments, no interest, but also no progress toward debt forgiveness. The Department of Education is reviewing the ruling, and updates will be available on StudentAid.gov.
As a senator, she co-sponsored the What You Can Do for Your Country Act in 2019, which aimed to make it easier for public sector workers to qualify for debt relief by simplifying the process and expanding eligibility.
“What Harris will do with student loans is pretty clear,” says Keith Gaddie, Hoffman Chair and professor at Texas Christian University. “When you look at the Biden administration’s consistent efforts to defer or forgive student loan repayments, it’s safe to assume that a Harris administration will continue that approach.”
University funding
Kamala Harris strongly advocated for an expansion of government support for higher education.
As vice president, she sponsored budget plans that would increase the maximum Pell Grant by $500, an initiative estimated to benefit more than 6.8 million students. These plans build on a bipartisan effort that has already increased the Pell Grant by $900 over the past two years, with a goal of doubling the grant by 2029.
In addition, Harris has championed expanding free community college and providing subsidized tuition to students from families earning less than $125,000 at Historically Black Colleges and Universities (HBCUs), Tribal Colleges and Universities (TCCUs), and Minority-Serving Institutions (MSIs). She also supported billions of dollars in funding for these institutions. This approach reflects her commitment to ensuring that financial barriers do not limit opportunities for students from diverse backgrounds.
Given her track record to date, it is likely that Harris will continue to advance these priorities as president to make education more affordable and accessible for all.
Harris’ push for accountability and regulation at for-profit universities
Harris has a history of cracking down on for-profit colleges and protecting students from shady lending practices.
As California’s Attorney General, she took action against Corinthian Colleges for misleading students, resulting in a $1.1 billion judgment against the college.
In the Senate, she co-sponsored the PROTECT Students Act, which aimed to tighten oversight of for-profit schools and ensure that they provide real value to students.
Harris also supported the Borrower Defense Rule, which helps students get their loans forgiven if they were defrauded by their schools. Given that history, she could likely continue to push for tighter regulation and greater accountability of these institutions if she becomes president.
Compare individual interest rates for student loan refinancing
Takes up to 3 minutes
Harris’ strategy for higher education could forgive, reduce and invest
Harris will likely be fully committed to making college more affordable. Analysts expect her to push for large student loan forgiveness, better repayment plans, lower interest rates and more government funding for higher education. Her focus is on helping students avoid crushing debt and ensuring everyone has the chance to get a quality education without financially ruining themselves.
However, Gill says the impact of executive action is limited.
“The Biden administration had to piece together student loan jurisdiction from different pieces of existing legislation granting different powers. This approach is clever, especially without a congressional majority to pass new, more specific legislation,” Gill says. “However, these executive interpretations often run into a wall at the Supreme Court, which is currently focused on curtailing the powers of executive agencies.”
To solve this problem, Democrats would need a strong majority in Congress or a filibuster to change Senate rules, but neither is certain.
