{"id":27789,"date":"2023-06-26T17:48:58","date_gmt":"2023-06-26T21:48:58","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/elizabeth-warren-president-biden-has-the-legal-authority-to-cancel-student-loan-debt\/"},"modified":"2023-06-26T17:49:00","modified_gmt":"2023-06-26T21:49:00","slug":"elizabeth-warren-president-biden-has-the-legal-authority-to-cancel-student-loan-debt","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=27789","title":{"rendered":"Elizabeth Warren: \u2018President Biden has the legal authority to cancel student-loan debt\u2019"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002213317\" role=\"document\">\n<p>As the Supreme Court is set to make a decision on whether the Biden administration\u2019s plan to cancel student loan debt is legal, one U.S. senator has called for urgent action.<\/p>\n<p>\u201cLet me be very clear, President Biden has the legal authority to cancel student-loan debt,\u201d Massachusetts Democratic Senator Elizabeth Warren said, during a webinar held by several advocacy groups.<\/p>\n<div class=\"paywall\">\n<p>\u201cIf the Supreme Court follows the law instead of playing politics,\u201d she added, \u201cthey will make clear that the Republican attempt to stop student-loan debt relief is baseless, and that that relief will go forward immediately.\u201d<\/p>\n<p>There are currently over 40 million student debtors. While they were not required to make repayments on their federal student loans due to a pause on payments first enacted by former President Donald Trump, they now owe $1.6 trillion in outstanding loans, according to the New York Fed, as of the first quarter of this year.<\/p>\n<p>Payments on these loans will need to start again on Oct. 1, 2023.<\/p>\n<p>Meanwhile, the Biden administration has proposed cancelling up to $20,000 in student-loan debt for a wide swathe of borrowers. Six Republican-led states \u2014 Arkansas, Iowa, Kansas, Missouri, Nebraska, and South Carolina \u2014 and two student-loan borrowers sued over the plan. <\/p>\n<p>The Supreme Court will likely decide the fate of these suits and the Biden administration\u2019s debt-relief plan in the coming days. The court is considering two questions, whether the parties have standing, or the right to sue, and whether the Biden administration overstepped its executive authority in issuing the policy. <\/p>\n<p>The states argue they have standing to sue largely because the plan could impact the bottom line of MOHELA, a student-loan servicer created by Missouri\u2019s state legislature, which could, in turn, hurt Missouri\u2019s state coffers.  The borrowers said they sued over the debt-relief plan in part because the Department of Education didn\u2019t seek public comment on it, depriving them and other stakeholders from weighing in. That, they argue, resulted in a policy that arbitrarily benefitted some, and not others, like themselves. <\/p>\n<p>The administration has said neither of the parties have standing to bring the case. Officials have also argued that the Department of Education has the authority to carry out the debt-relief plan. Under the HEROES Act of 2003, the administration argues, the Secretary of Education can \u201cwaive or modify\u201d any student-loan programs during national emergencies.<\/p>\n<div data-layout=\"wrap\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            wrap\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--wrap\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\u201cThe urgency of the moment cannot be overstated,\u201d Warren said during the webinar.\u00a0<\/p>\n<p>Advocates and activists have said that even if the justices say the HEROES Act doesn\u2019t authorize the debt-relief plan, the Biden administration has the authority to cancel student debt through other legal avenues. <\/p>\n<p>The HEROES Act \u201chas always been only one of many legal authorities that can be used\u201d to cancel student debt, Aissa Canchola Banez, senior advisor for policy and strategy at the Student Borrower Protection Center, said on the webinar. <\/p>\n<p>\u201cWe expect this administration to explore every option available,\u201d she said. \u00a0<\/p>\n<p>Warren first brought the idea that the executive branch has the power to cancel student debt to the mainstream during her 2020 presidential campaign. <\/p>\n<p>During the webinar, Warren also talked about how the skyrocketing price of college tuition is a fundamental reason for why Americans owe more than $1 trillion in student-loan debt.<\/p>\n<p>\u201cI\u2019ve been in this fight for a long time and part of the reason is because it\u2019s personal,\u201d Warren said.<\/p>\n<p>\u201cI was the first person in my family to graduate from college. My daddy ended up as a janitor, but I had a chance to go to school because I went to a commuter college that cost $50 a semester,\u201d she shared.<\/p>\n<p>\u201cI then went to a public law school where I got a great education and I was able to do this because I grew up at a time in America when our country was investing in me and in our future,\u201d Warren added.<\/p>\n<p>\u201cThat opportunity is just not out there today,\u201d she said. <\/p>\n<p>\u201cA young person can pay up to 200% more in tuition than what her parents paid when they went to college, and that\u2019s just fundamentally wrong,\u201d Warren said.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/elizabeth-warren-president-biden-has-the-legal-authority-to-cancel-student-loan-debt-87795016?mod=personal-finance\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the Supreme Court is set to make a decision on whether the Biden administration\u2019s plan to cancel student loan debt is legal, one U.S. senator has called for urgent action. \u201cLet me be very clear, President Biden has the legal authority to cancel student-loan debt,\u201d Massachusetts Democratic Senator Elizabeth Warren said, during a webinar [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":27790,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-27789","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elizabeth Warren: \u2018President Biden has the legal authority to cancel student-loan debt\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"As 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