April 14, 2021

Mother Jones: Elizabeth Warren Slams Student Loan Servicer as Democrats Call for Debt Cancellation

Chairing her first student debt hearing, Warren told a panelist he should be fired.

Senate Democrats made the case Tuesday for canceling some student debt, noting that debt forgiveness would stimulate the pandemic-battered economy, help close the racial wealth gap, and aid families who have put off homeownership, child-rearing, or retirement.

But Sen. Elizabeth Warren (D-Mass.), the chair of the Senate subcommittee that held the hearing on student debt—Warren’s first as the panel’s head—focused her questioning less on cancellation and more on the corporations who process the loans she’d like to cancel.

Her main target was Navient, one of the nation’s largest servicers of both federal and private student loan debt, processing the loans of more than 12 million borrowers nationwide. The company’s CEO, John Remondi, was on a panel of nearly a dozen speakers, from members of Congress to academics, who gathered virtually to discuss a wide-ranging set of issues related to student debt, including the proposal championed by Warren for President Joe Biden to forgive up to $50,000 of student loan debt via executive action. 


Read the full article here.

By:  Hannah Levintova
Source: Mother Jones