They would like a President Biden to seriously consider the action, which he COULD do…..
It could free up a LOT of money for the economy….
And of course wouldn’t hurt Biden ‘s vote getting efforts…
Senate Minority Leader Charles E. Schumer, D-N.Y., and Sen. Elizabeth Warren, D-Mass., want to help ease the financial burden on the nearly 43 million people who hold federal education loans by canceling up to $50,000 in loan debt.
A proposed resolution by them outlines how a president can use authority already provided under the Higher Education Act to cancel up to that amount. Forgiving debt in a big chunk might sound like a good idea but some say loan forgiveness without other policy changes may be an uneven way to ease Americans’ pandemic stress.
The laws giving the government authority to lend money also provide “broad authorities for the management of all of those loans, including canceling those loans,” Warren said at a Thursday press event with Schumer to unveil their plan.
The lawmakers suggested that recent executive actions extending the suspension of loan payments, collections and interest on student loans until the end of the year was an example of President Donald Trump using that same authority.
She said forgiving $50,000 would wipe out the entirety of what 75 percent of Americans paying student loans owe. The plan is similar to one of Warren’s campaign platforms during her unsuccessful bid for president this year….