Biden has expressed interest in forgiving some amount of education debt, a move that would undoubtedly trigger political backlash, perhaps on both sides of the aisle.

There are also questions among economists about how much of a boost to consumer spending would result from swift action during a downturn.

Progressives such as Sen. Elizabeth Warren (D-Mass.) have long called for student debt cancellation as a necessary plank of any economic recovery. In an economy where education is shown to be one of the most reliable tickets to prosperity, progressives argue that sizable loans make it harder for people to get ahead, leaving them struggling to pay the bills and unable to save or invest.