“In light of high Covid-19 case counts and corresponding economic disruptions, restarting student loan payments without this broad cancellation would be disastrous for millions of borrowers and their families”
Elizabeth Warren figures largely in this story because of course she does.
Over 80 lawmakers call on Biden to release memo outlining authority to cancel student debt
Over 80 House and Senate members wrote a letter to President Joe Biden on Wednesday urging his administration to publicly release the memo outlining his legal authority to cancel student debt.
The president requested the department to prepare that report last year.
The lawmakers, including Senate Majority Leader Chuck Schumer, D-N.Y. and Sen. Elizabeth Warren, D-Mass., also called on the president to immediately forgive $50,000 per borrower. The price tag on such a move would be around $1 trillion and 80% of student loan borrowers, or 36 million people, would have their debt cleared entirely.
Outstanding student loan debt in the U.S. has exceeded $1.7 trillion and poses a larger burden to households than credit card or auto debt. Roughly 10 million borrowers are likely in delinquency or default.
Since March 2020, when the coronavirus pandemic hit the U.S., the Education Department has paused student loan payments. That relief has since been extended five times and is set to end in May.
The lawmakers said Americans shouldn’t be forced to resume the payments.
“In light of high Covid-19 case counts and corresponding economic disruptions, restarting student loan payments without this broad cancellation would be disastrous for millions of borrowers and their families,” they wrote.
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