Warren joins groups calling for Biden to “cancel” student debt day one of office

Around 240 organizations have signed on to a letter calling for Biden to “cancel” student debt on his first day of office.

The letter reads “Cancelling student debt would disproportionately help borrowers of color, respond to the coronavirus crisis, and provide much needed economic relief and stimulus.”

It continues “we call on you to deliver on the promise of the Biden-Harris Racial Economic Equity plan by cancelling federal student debt by executive action on Day One of your administration.”

Groups who have signed include the NAACP, the American Federation of Teachers, National Education Association, The Education Trust, and  Hispanic Federation.

Warren supports the idea and wrote in a series of tweets:

Generations of discrimination have left communities of color with less savings and intergenerational wealth—forcing them to borrow more for the same degrees. Cancelling student loan debt will build Black and Brown wealth and help close the racial wealth gap.

Right now, over 44 million Americans owe over 1.6 trillion dollars in student loans. This debt is an anchor on our economy, holding back entire generations from buying homes, starting businesses and families, and adding to the economy in ways that benefit everyone.

There are lots of big changes that a Biden-Harris administration can achieve through executive orders and agency action on day one. Here are some bold steps the new administration can take immediately using existing legal authority: