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Elizabeth Warren reinforces promise to cancel student loan debt

Sen. Elizabeth Warren, a Democratic candidate for President in 2020, says she has a plan to eliminate up to $50,000 of student loan debt for households with an income of less than $100,000. Warren says the Department of Education already has the power to cancel student loan debt, but so far, Congress has lacked the political courage to enact such policies.

“I will start to use existing laws on day one of my presidency to implement my student loan debt cancellation plan that offers relief to 42 million Americans — in addition to using all available tools to address racial disparities in higher education, crackdown on for-profit institutions, and eliminate predatory lending,” Warren’s official plan for canceling student loan debt stated.

Americans already owe $1.5 trillion in student loan debt, which Warren calls a “national crisis.” She was elected to the Senate on a platform of reducing or eliminating student debt in America.

“When I was elected to the Senate, I used every opportunity and tool available to ease the burden of student debt. I fought to lower interest rates, refinance loans, and hold loan servicers and debt collectors accountable for breaking the law and hurting borrowers,” Warren tweeted after releasing her plan. “The future of our economy and a generation of student loan borrowers are at risk, and we must use every tool and opportunity we have to help them. We can’t let corruption in Washington hold back big, structural change. I’m committed to seeing this fight through—no matter what.”