Schumer urges Biden to cancel millions in student loan debt by executive order

Schumer urges Biden to cancel millions in student loan debt by executive order

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​​Sen. Chuck Schumer urged President-elect Joe Biden to use an executive order to bypass Congress and cancel millions of dollars in federal student loan debt on his first day in office.

“We have come to the conclusion that President Biden can undo this debt, can forgive $50,000 of debt the first day he becomes president,” Schumer said Monday, Fox Business reported. “You don’t need Congress. All you need is the flick of a pen.”

The Senate minority leader called on Biden to follow through on a plan he and Sen. Elizabeth Warren, a member of the Senate Health, Education, Labor, and Pensions Committee, revealed in September.

Under the resolution, Biden would use his authority under the Higher Education Act to cancel up to $50,000 in federal student loan debt for each borrower.

While Schumer said Biden is considering his proposal, the former vice president has come out in support of canceling $10,000 in student loans per borrower as part of a coronavirus stimulus package.

He has also called on Congress to act to wipe out the debt. 

Schumer — who was joined by Congressmen-elect Jamal Bowman, Mondaire Jones and Ritchie Torres — said Congress will make student loan debt forgiveness a priority in the next session. 

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