Senate Majority Leader Chuck Schumer, Sen. Elizabeth Warren and Rep. Ayanna Pressley on Thursday urged President Biden use his executive authority to cancel up to $50,000 in student loan debt for federal student loan borrowers.
Schumer, D-N.Y., Warren, D-Mass., and Pressley, D-Mass., on Thursday reintroduced a resolution, which would allow the secretary of education to “cancel up to $50,000 in federal student debt.”
The resolution also called on Biden to take executive action to “administratively cancel up to $50,000 in Federal student loan debt for Federal student loan borrowers” using “existing legal authorities” under the Higher Education act of 1965. The resolution also “encourages” Biden to use executive authority under the Internal Revenue Code of 1986, which would prevent administrative debt cancellation from resulting in a tax liability for borrowers.
The lawmakers also encouraged Biden to “continue to pause” student loan payments and interest for federal student loan borrowers for the “entire duration of the COVID-19 pandemic.”
More than four dozen Democratic lawmakers in both the House and the Senate joined the resolution on Thursday.- READ MORE
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