Warren's Plan to Cancel Student Debt by Executive Action
Yesterday, Senator Elizabeth Warren (D-MA), a candidate for the Democratic nomination for president, said that if elected president, she would use executive action to implement her student debt cancellation plan at the beginning of her term. Inside Higher Education reports that the senator's "proposal would offer up to $50,000 in loan forgiveness to borrowers with annual household incomes of up to $100,000. For borrowers with higher incomes, the cancellation amount would decrease, topping out for those earning $250,000 or more... as president, she would bypass the U.S. Congress to enact her debt cancellation proposal."
The Warren campaign also released a letter from legal analysts at Harvard University who determined the senator's "proposal calls for a lawful and permissible exercise of the Secretary’s authority under existing law."