Warren and Schumer Statement on Why President Biden Can And Should Take Executive Action to Cancel Up to $50,000 in Student Loan Debt
Washington, DC - United States Senator Elizabeth Warren (D-Mass.) and Senate Majority Leader Chuck Schumer (D-N.Y.) today released the following statement on student debt cancellation:
"Presidents Obama and Trump used their executive authority to cancel student loan debt. The Biden administration has said it is reviewing options for cancelling up to $50,000 in student debt by executive action, and we are confident they will agree with the standards Obama and Trump used as well as leading legal experts who have concluded that the administration has broad authority to immediately deliver much-needed relief to millions of Americans. An ocean of student loan debt is holding back 43 million borrowers and disproportionately weighing down Black and Brown Americans. Cancelling $50,000 in federal student loan debt will help close the racial wealth gap, benefit the 40% of borrowers who do not have a college degree, and help stimulate the economy. It's time to act. We will keep fighting."
Earlier this month, the Senators reintroduced a resolution outlining a bold plan for President Biden to tackle the student loan debt crisis by using existing authority under the Higher Education Act to cancel up to $50,000 in student loan debt for Federal student loan borrowers. The resolution is co-sponsored by Senators Sherrod Brown (D-Ohio), Richard J. Durbin (D-Ill.), Tammy Duckworth (D-Ill.), Richard Blumenthal (D-Conn.), Chris Van Hollen (D-Md.), Jeff Merkley (D-Ore.), Edward J. Markey (D-Mass.), Cory Booker (D-N.J.), Ron Wyden (D-Ore.), Brian Schatz (D-Hawai'i), Jon Ossoff (D-Ga.), Ben Ray Luján (D-N.M.), Robert Menendez (D-N.J.), and Bernard Sanders (I-Vt.).
In the House, the resolution is led by Representatives Ayanna Pressley (MA-07), Ilhan Omar (MN-05), Maxine Waters (CA-43), Chair of the House Financial Services Committee, Alma Adams (NC-12), Jamaal Bowman (NY-16), Mondaire Jones (NY-17), Richie Torres (NY-15), along with the following cosponsors: Nanette Barragan (CA-44), Earl Blumenauer (OR-03), Cori Bush (MO-01), Yvette Clarke (NY-09), Steve Cohen (TN-09), Veronica Escobar (TX-16), Adriano Espaillat (NY-13), Jesus "Chuy" Garcia (IL-04), Jimmy Gomez (CA-34), Vicente Gonzalez (TX-15), Raul Grijalva (AZ-03), Alcee Hastings (FL-02), Jahana Hayes (CT-05), Pramila Jayapal (WA-07), Hank Johnson (GA-04), Ro Khanna (CA-17), Al Lawson (FL-05), Barbara Lee (CA-13), Andy Levin (MI-09), Alan Lowenthal (CA-47), James P. McGovern (MA-02), Grace Meng (NY-06), Jerrold Nadler (NY-10), Grace Napolitano (CA-32), Eleanor Holmes Norton (DC), Alexandria Ocasio Cortez (NY-14), Jimmy Panetta (CA-20), Jan Schakowsky (IL-09), Albio Sires (NJ-08), Bennie Thompson (MS-02), Rashida Tlaib (MI-13), Nydia Velazquez (NY-07), Bonnie Watson Coleman (NJ-12), Nikema Williams (GA-05), Frederica Wilson (FL-24), Madeleine Dean (PA-04), Brendan Boyle (PA-02), André Carson (IN-07), and Mark Pocan (IN-07).
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