Chuck Schumer, Elizabeth Warren Call On Next President To Forgive $50,000 In Student Loans For Each Borrower

Senate Democrats Chuck Schumer of New York and Elizabeth Warren of Massachusetts introduced a resolution Thursday calling for the next president to forgive up to $50,000 in student loans for each borrower nationwide.

“Broadly canceling student loan debt will improve the lives of tens of millions of Americans, give a boost to our economy during this pandemic and beyond and even help close the racial wealth gap,” Warren told reporters. “Our resolution outlines a bold plan for the president to use existing authority under law to cancel up to $50,000 in student loan debt for all borrowers with federal loans.”

Schumer is targeting the resolution at a potential administration under Democratic nominee Joe Biden. Schumer criticized the approach towards student loans under President Donald Trump.

“We know that President Trump and [Education] Secretary [Betsy] DeVos have been totally against things like this. We understand that. But the next president could easily do this,” Schumer said. “We want to start getting people focused on this issue as a major issue that could be dealt with early next year,”

Biden has already advocated some student loan forgiveness policies.

On the campaign trail, Biden promised to forgive $10,000 for each borrower. He would also extend relief to borrowers on income-based repayment plans and would make student loans dischargeable in bankruptcy.

Trump has issued multiple executive orders amid the COVID-19 pandemic to suspend student loan payments and interest. Trump has also called for streamlining student loan repayment options and ending the Public Service Loan Forgiveness program.

There are currently more than 44 million borrowers holding over $1.6 trillion in student loan debt.