The administration is simplifying an existing program that allows totally disabled people to have student debt forgiven.
The House speaker said last week that she believes the president doesn’t have the authority to cancel student debt.
Debt cancellation would be one of the largest bottom-up economic stimulants in U.S. history.
Biden should extend the pause and cancel up to $50,000 of student debt, the Democrats said.
A new study shows that contrary to myth, the greatest benefit of debt cancelation goes to those with the least wealth.
Progressive organizations and activists have grown increasingly frustrated over Biden’s inaction on student debt.
Biden previously supported canceling up to $10,000 of student debt but has postponed action on the proposal for months.
Richard Cordray, who used to run the Consumer Financial Protection Bureau, will oversee $1.6 trillion in student debts.
Canceling student debt would provide some instant relief for people who could really use it right now.
Democrats have pressured Biden to cancel $50,000 in student debt, though he has previously come out against the idea.