With nearly 45 million individuals receiving a bill each month, Americans now owe about $1.7 trillion in student loans.
voted to authorize the executive branch to cancel federal student loans. Federal student debt can be canceled with the 'flick of your pen,'" the members wrote in a letter to Biden, adding that"this authority is already being put to use, as it is currently being used to cancel the interest owed on all federally-held student loans.
"Student loan borrowers are teachers, health care workers & other essential workers. Many of them have been carrying the burden of student debt for decades. Helping these borrowers is popular and it's the right thing to do," the Massachusetts Democrat wrote. "People think that the president of the United States has the power for debt forgiveness," the California Democrat said."He does not. He can postpone, he can delay, but he does not have that power. That has to be an act of Congress."
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