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One of the issues that US President Joe Biden is facing increasing pressure on is student debt. As Biden has been reluctant to take any sort of action towards canceling student loans, more than 80 lawmakers have urged the administration to release the memo that outlined his authority to cancel student debt.
Over 80 representatives and senators wrote a letter to Biden Wednesday urging his administration to publish the memo that would outline his legal authority to cancel student debt. Biden requested the Education and Justice Departments to prepare a report in 2021. Among the lawmakers include Senate Majority Leader Chuck Schumer and Senator Elizabeth Warren, who has also called Biden to forgive $50,000 of student debt per borrower.
“In light of high COVID-19 case counts and corresponding economic disruptions, restarting student loan payments without this broad cancellation would be disastrous for millions of borrowers and their families,” the lawmakers wrote.
Such a move would lead to a price tag of around $1 trillion, with 80 percent of student borrowers or 36 million people, would see their student debt cleared. This comes as the outstanding student debt in the US has gone over $1.7 trillion, posing a burden to households compared to credit card or auto debt. Around 10 million are in delinquency or default.
Since 2020 when the COVID-19 pandemic affected the US, the Education Department paused student loan payments. The relief has since been extended five times and is set to expire in May this year.
Schumer and Warren have insisted that Biden could cancel student debt through executive order. However, the White House is also likely considering the legal risks posed by taking such action.
Following the announcement of Supreme Court Justice Stephen Breyer’s retirement, Biden reiterated his campaign promise of nominating a black woman to the high court to replace the vacancy left by Breyer. Speaking at the White House, Biden said he intends to announce his Supreme Court nomination by the end of February.
Breyer sent Biden a letter Thursday informing the US leader that he intends to retire when the court begins its summer recess in June, provided that his successor has already been chosen and confirmed by the Senate.
