Tags: 2020 Elections | elizabeth warren | student loan debt

Warren to Eliminate Student Loan Debt on Day One

Sen. Elizabeth Warren speaks at a campaign stop in Iowa.
Sen. Elizabeth Warren, D-Mass. (Scott Olson/Getty Images)

By    |   Tuesday, 14 January 2020 02:52 PM

Sen. Elizabeth Warren, D-Mass., on Tuesday announced her plan to cancel student loan debt on her first day in office if elected president, bypassing Congress.

“We have a student loan crisis — and we can't afford to wait for Congress to act,” Warren tweeted on Tuesday. “I’ve already proposed a student loan debt cancellation plan, and on day one of my presidency, I’ll use existing laws to start providing that debt cancellation immediately.”

On her website, Warren outlined her plan to “use existing laws on day one of my presidency to implement my student loan debt cancellation plan that offers relief to 42 million Americans -- in addition to using all available tools to address racial disparities in higher education, crack down on for-profit institutions, and eliminate predatory lending.”

The senator previously introduced legislation, with South Carolina Democratic Rep. James Clyburn, that would forgive up to $50,000 in student debt for people who make less than $100,000 per year.

“The U.S. Department of Education does not have the discretionary authority to cancel student loan debt except in limited circumstances specified by the statute, such as death, disability or closed schools,” higher education expert Mark Kantrowitz told CNBC.

"Likewise, the authority to compromise debt is limited to situations in which the borrower demonstrates severe financial distress."

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Sen. Elizabeth Warren, D-Mass., on Tuesday announced her plan to cancel student loan debt on her first day in office if elected president, bypassing Congress.
elizabeth warren, student loan debt
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2020-52-14
Tuesday, 14 January 2020 02:52 PM
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