Calls are mounting among Democrats and progressives for a prospective Biden administration to make “canceling” student debt a top priority.
The loudest demands have come from progressive legislators such as Rep. Alexandria Ocasio-Cortez and Rep. Ilhan Omar. Meanwhile, prominent senators such as Elizabeth Warren and Chuck Schumer are imploring Biden to “cancel” $50,000 in student debt via executive order.
Student loan forgiveness is good, actually
— Alexandria Ocasio-Cortez (@AOC) November 16, 2020Student loan debt is holding back a whole generation from buying homes, starting small businesses, and saving for retirement – all things we rely on to grow our economy. Executive action to #CancelStudentDebt would be a huge economic stimulus during and after this crisis.
— Elizabeth Warren (@SenWarren) November 16, 2020While this legally dubious use of executive authority is still a matter of debate in Democratic circles, most elected Democrats support “canceling” some student debt via legislation. For example, in May House Democrats passed the “HEROES Act,” a COVID-19 relief package that included $10,000 in taxpayer-financed student debt relief. (To be clear, student debt “cancelation” just means that taxpayers must pay it off.)