Warren says she plans 'to cancel up to $50,000 in debt for 95% of student loan borrowers,' which equals about 42 million people.
The letter states that the"power rests in the first instance with Congress" to cancel student loan debt. Under the Higher Education Act, however, Congress has a provision that allows a Secretary of Education to have"a more specific and unrestricted authority to create and to cancel or modify debt owed under federal student loan programs."
"That provision empowers the Secretary to execute the broad debt cancellation plan you have proposed," the letter continues.Joe Biden in the lead ahead of Iowa caucuses, but many may still change their minds Warren is the only presidential candidate to say they would going to eliminate student loan debt through executive power.
"If we want to achieve the kind of big, structural changes that will make our education system, our economy, and our society work for everyone, we’re going to need to use every tool, every scrap of opportunity that comes our way, to help working families," Warren said in a release."The future of our economy and the lives of a generation of student loan borrowers are at risk, and I’m committed to seeing this fight through no matter what.
Several other presidential candidates have also said they will cancel student loan debt, including Sen. Bernie Sanders. Former Vice President Joe Biden
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