Massachusetts Senator Elizabeth Warren is urging President-elect Joe Biden to maneuver around Congress and cancel student loan debt for millions of people.
Via her Twitter account, Warren listed numerous issues that the Biden-Harris team committed to assisting in, including the Paris Climate Accord, reinstating DACA, and ending the travel ban against certain Muslim countries.
That said, Warren also listed student loan debt in a subsequent tweet and labeled it “the single most effective executive action available for a massive economic stimulus.”
”Biden-Harris can cancel billions of dollars in student loan debt, giving tens of millions of Americans an immediate financial boost and helping to close the racial wealth gap,” she wrote. “This is the single most effective executive action available for a massive economic stimulus.”
Currently, student loans are the second-highest amount of debt for Americans at $1.4 trillion. after mortgage debt ($9.6 trillion).
Warren and Senate Minority Leader Chuck Schumer (D-NY) introduced student loan debt legislation in September calling for up to $50,000 to be wiped from every borrower.
During a town hall, Biden promised to cancel up to $10,000 in student loan debt. He added he would also extend student loan forgiveness to include private Historically Black Colleges and Universities (HBCU) or Minority-Serving Institutions (MSI).