President Biden and other top Democrats want to cancel student debt, but they have different ideas of how that should happen.
Senate Majority Leader Chuck Schumer and Sen. Elizabeth Warren want the president to use executive action, but President Biden wants Congress to draft the proposal.
"Canceling student loan debt is the single most effective executive action President Biden can take to lift the economic prospects of tens of millions of young Americans," said Sen. Elizabeth Warren.
Schumer, Warren, and dozens of other Democrats are backing a proposal for President Biden to cancel $50,000 of student loan debt per borrower. And they say he has the executive power to do so.
As for now, President Biden has extended a pause on student loan debt amid the pandemic. Payments won't have to be made until at least October.
