Warren presses President Joe Biden to cancel up to $50 in student loan debt

“Send a note to President Biden.”

That’s Sen. Elizabeth Warren’s message to students and former students grappling with student loan debt — many of them trying to make ends meet and pay off loans on a high school diploma-level salary.

“It’s crushing the bones of a lot of people out there,” the Massachusetts Democrat told thousands who joined a virtual town hall on Wednesday night.

 
Prompted by a question from Thalia Sass, who took out loans to work on a doctoral degree at Brandeis University and become a scientist, Warren told viewers she was “all-in” on the issue, repeatedly pressing the Biden administration to use its authority to cancel up to $50,000 in student loan debt.

Sen. Elizabeth Warren Town Hall: Warren presses President Joe Biden to cancel up to $50K in student loan debt

“It doesn’t have to go through Congress,” Warren said. “The authority is already there, in law, for the president and the Secretary of Education to cancel out this student loan debt. And President (Barack) Obama used it ... President (Donald) Trump used it to cancel some student loan debt. I would like to see President (Joe) Biden do it.”

The move would “make a difference in the lives of in tens of millions of Americans and help give our entire nation a stronger future,” Warren argued.

 
Warren made the case that eliminating a big chunk of student loan debt wouldn’t only help students like Sass, but would boost the entire economy and “invest in the future” at a time when Americans are suffering through the COVID-19 pandemic.

She noted that about 40% of those with student loan debt don’t have a college degree for a variety of reasons, whether economic or family-related, challenging commutes or affordability.

She added that two out of every three graduates of state schools “end up with student loan debt because they just can’t make it. Our state schools don’t get enough taxpayer support so people can graduate without debt.”

Last week, Warren, alongside Rep. Ayanna Pressley of Massachusetts, Senate Majority Leader Chuck Schumer of New York and others pushed Biden to slash student loan debt.

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She also said the issue was directly tied to racial injustice, arguing “there is no single act the president of the United States can take that would have a bigger impact on helping close a racialized wealth gap.”

Cutting up to $50,000 in student loan debt could close the Black-white wealth gap by about 25 points, Warren said.

“If we can persuade the president, we can do this one fast,” Warren said Wednesday night. “I’m all-in on this one.”

House and Senate Democrats have repeatedly urged President Joe Biden to “broadly” forgive up to $50,000 of federal debt through executive order, an approach Senate majority leader Chuck Schumer has reiterated Biden should take during his first 100 days in office.  

But Biden has pushed back against leaders of his own party — repeating that he will only support up to $10,000 of debt forgiveness and that he would prefer Congress craft the legislation. 

Biden most recently shot down the idea of up to $50,000 of student debt forgiveness during a Feb 16 CNN town hall.

“The American dream is to succeed, but how can we fulfill that dream when debt is many people’s only option for a degree?” asked one woman in the audience. “We need student loan forgiveness beyond the potential $10,000 your administration has proposed. We need at least a $50,000 minimum. What will you do to make that happen?”

“I will not make that happen,” Biden quickly responded. 

“The student debt crisis is a racial and economic justice issue and we must finally begin to address it as such,” said Congresswoman Ayanna Pressley in a Dec 17 statement. “Broad-based student debt cancellation is precisely the kind of bold, high-impact policy that the broad and diverse coalition that elected Joe Biden and Kamala Harris expect them to deliver.”

 
“This is one of those things the president can do on his own,” said Schumer at a Feb 4 press conference. “We are not going to let up until we accomplish it, until $50,000 of debt is forgiven for every student in the country.”