Warren Pledges to Unilaterally Eliminate Federal Student Loan Debt

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Warren Pledges to Unilaterally Eliminate Federal Student Loan Debt

Elizabeth Warren says that American’s student debt load is a crisis, and she wants to get rid of it. She has recently said that, if elected, she plans on using her authority to start canceling student debt on her first day in office. She said that there is no need for Congress to approve such a move.

 

Under her plan, upon taking office she would immediately begin canceling up to $50,000 in debt for 42 million Americans. This would cover about 95% of those who have borrowed money from the federal government.

 

This is not new territory for Warren. She has previously announced a higher education plan that has as its centerpiece the forgiveness of student loan debt. Much of the forgiveness focuses on borrowers who have incomes under $100,000 a year. Under that proposal, however, Warren would seek legislation from Congress to eliminate debt. Her recent announcement relies upon a legal theory that the Secretary of Education already has the authority to begin such debt forgiveness.

 

According to Warren, this student loan debt is crushing middle class families and holding them back from achieving the American Dream. Her plan is costly, but she says she will finance it by imposing a tax on the highest income earners. Critics argue that her proposal is an expensive taxpayer giveaway to people who can afford to pay the money they borrowed, since they have an education that should lead to higher-paid work.

 

If Warren is elected president and attempted to eliminate these loans without congressional authorization, it is likely she would face a legal challenge.


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