These Senators Want Student Loan Cancellation Immediately, But It May Not Be Their Decision

These Senators Want Student Loan Cancellation Immediately, But It May Not Be Their Decision

Senators Elizabeth Warren (left), Senate Majority leader Chuck Schumer (center) and Bernie Sanders ... [+] (right) (Photo by Saul Loeb - Pool/Getty Images)



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These U.S. senators want $50,000 of student loan cancellation.

Here's what you need to know—and what this means for your student loans.



Student Loans

Elizabeth Warren and Chuck Schumer aren't the only U.S. senators that support student loan cancellation. There are at least 14 other senators who support student loan cancellation up to $50,000, and they want Biden to forgive student loans by executive order. These 16 senators signed on to a resolution that calls on President Joe Biden to enact student loan cancellation by executive order. The question is: will it even be their decision?



Student Loan Cancellation: what the resolution says

The bicameral resolution, which was introduced earlier this year, focuses on the president's ability to cancel student loans unilaterally without Congress, including:



$50,000 of Student Loan Cancellation: Calls on Biden to use executive action to cancel up to $50,000 in federal student loan debt using existing legal authority under section 432(a) of the Higher Education Act of 1965; 

Close Wealth Gap: Encourages