Last week, Rep. Ayanna Pressley and other House Democrats introduced a resolution calling on Biden to cancel $50,000 in federal student loan debt for every borrower using executive authority.
Some student loan legal experts have argued that using this provision to cancel student loan debt is legally sound.
Forgiving $10,000 in student loans would eliminate all outstanding student loans for over 16 million people, or a third of all current student loan borrowers.
Ultimately, over 50% of outstanding student loan borrowers could see significant relief with just $10,000 in student debt cancellation.
Biden’s overall student loan reform plans also included improving existing student loan relief programs such as Public Service Loan Forgiveness, Borrower Defense to Repayment, and income-driven repayment.
Ayanna Pressley: Biden Should Cancel $50,000 In Student Loan Debt For Every Borrower.
Could Biden Cancel Some Student Debt Through Executive Action?. »