Lawmakers pressure Biden to outline legal authority for student debt cancellation, demand $50,000 per borrower be forgiven

Yesterday, more than 80 lawmakers penned a letter to President Joe Biden imploring him to publicize his legal basis for cancelling student debt.

After campaigning on student debt cancellation, Biden recently told student loan borrowers to 'prepare for payments to resume'.

More than 80 lawmakers wrote a letter to President Joe Biden Wednesday calling on him to release a memo detailing his ability to cancel student loan debt, CNBC reported yesterday, after he called on Education Secretary Miguel Cardona to prepare the memo last year.

Among the notable lawmakers involved in the letter were Senator Elizabeth Warren and Senate Majority Leader Chuck Schumer -- who also demanded that Biden immediately cancel $50,000 of debt per borrower, a decision that would carry a price tag of $1 trillion.

[RELATED: Top business school profs say student loan forgiveness, is a ‘highly regressive policy’]

On the campaign trail, Biden vowed to cancel up to $10,000 of loan debt per borrower but has yet to make good on this promise. 

He recently extended a freeze on student loan payments through May 1, but shortly after, told borrowers to prepare to have to resume their payments when the freeze expires.

The move has generated heavy criticism from progressives.

Student loan cancellation is a key part of the progressive agenda. 

[RELATED: Biden denies progressive pleas to extend student loan freeze]

Last month, Campus Reform covered a protest outside of the White House in which college students assembled a paid marching band to march against Biden’s failure to cancel student loan debt.

As of November of 2021, nearly 43 million Americans owed a collective $1.57 trillion in student loans to the federal government.

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