Schumer, Warren Joint Statement On Student Debt Cancellation

New York, N.Y. – Senate Majority Leader Chuck Schumer (D-NY) and Senator Elizabeth Warren (D-MA) issued the following statement on the importance of 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.”

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