Warren and Schumer urge student debt cancellation of up to $50,000 for all federal borrowers – Yahoo Finance
Senate Democrats Chuck Schumer and Elizabeth Warren are calling on President Trump to cancel $50,000 in federal student loan debt next year.
The senators unveiled a resolution that asked the president as of 2021, whether it be former Vice President Joe Biden or current President Trump, to “take executive action to broadly cancel federal student loan debt” as the country faces a pandemic and both a “historic public health and economic crises.”
The senators asserted that the Secretary of Education has “broad administrative authority” granted by Congress to cancel federal student loan debt under section 432(a) of the Higher Education Act of 1965 and that the president should “take executive action to broadly cancel up to $50,000 in federal student loan debt” by using that authority.
The resolution uses “existing authority under the law” to cancel debt, Warren said on a Thursday call with reporters. “Right now, our economy is in a deep hole because of this pandemic,” she added. “Student debt is just another self-inflicted wound.”