Warren added that “President Biden can take the single most effective executive action available to provide a massive stimulus to our economy, help narrow the racial wealth gap, and lift this impossible burden off of tens of millions of families” by cancelling the student loan debt.
“President Biden has the legal authority to cancel billions in student debt with the stroke of a pen and he must meet the moment by using that authority, which would not only set us on a path to an equitable recovery, but would also help reduce the racial wealth gap,” Pressley said.
Separate, stand-alone student loan reform legislation could be an attractive route for lawmakers given the broad array of student loan relief bills that were introduced in the 2019-2020 Congress.
There were proposals to reform and improve the Public Service Loan Forgiveness program, simplify income-driven repayment plans, revamp the Borrower Defense to Repayment program for borrowers defrauded by their schools, reform the bankruptcy code to allow student loan discharges, and enact private student loan relief.
