Elizabeth Warren says she can forgive student loan debt without Congress
Warren said she will direct her Secretary of Education to begin to "compromise and modify" federal student loans up to $50,000 for 95% of those with outstanding student debt, or 42 million people.
Democratic presidential candidate Sen. Elizabeth Warren speaks to guests during a campaign stop at Fisher Elementary School on January 12, 2020 in Marshalltown, Iowa.Presidential contender Sen. Elizabeth Warren said on Tuesday that she would begin to forgive student loan debt on the first day of her administration, using legal tools that would allow her to bypass Congress.
The announcement, which comes just weeks before voting begins in the first primary and caucus states, adds urgency to legislation she introduced over the summerThat bill, introduced with Rep. James Clyburn, D-S.C., would forgive up to $50,000 in student debt for individuals with household incomes under $100,000. But Warren wrote in her plan on Tuesday that the U.S. Education Department already has authority to cancel student debt, "and we can't afford to wait for Congress to act.
"I will start 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," sheWarren is fighting to make a splash in the Iowa and New Hampshire contests early next month.
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