Biden sent a letter in April to Education Secretary Miguel Cardona to ask him to deliver information that describes what legal authority he has to eliminate student debt. In response to Biden's letter, chief of staff Ron Klain stated at the time that the memo would be published shortly after Cardona had settled into his position.
The Minnesota Democrat's letter addressed to Biden and Cardona, points out that Klain had stated six months ago that the memo about the information on Biden's legal power to eliminate student debt would be released soon. The letter adds that "only four months" remain of the student debt moratorium.
On Aug. 6, the U.S. Department of Education released a statement elongating the deadline for the student debt moratorium to Jan. 31, 2022. This stays as the "final extension" of a halt on student debt payments and collections.
"The payment pause has been a lifeline that allowed millions of Americans to focus on their families, health, and finances instead of student loans during the national emergency," Cardon said in the statement. "As our nation's economy continues to recover from a deep hole, this final extension will give students and borrowers the time they need to plan for the restart and ensure a smooth pathway back to repayment."
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Omar additionally explains in her letter that "decades ago," Congress allowed for the executive branch of the United States to have the proper authority to cancel federal student loans. Several scholars and roughly 80 lawmakers in the House and Senate also "confirm" the president has the legal right to waive student debt.
"The time has come to release the memo and cancel student debt," the letter continues, adding that "it is time" for Biden to honor his campaign promise to abolish student debt.
Since the start of Biden's presidency, the Biden administration has cut student debt in select situations. On Aug. 19, the U.S. Department of Education announced it would eliminate student debt for those with permanent disabilities. A day later, the Education Department rejected the interest loans of over 47,000 service members. Student debt in the U.S. reached a towering $1 trillion in 2021, according to data from the Federal Reserve.
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Decades ago, Congress voted to authorize the executive branch to cancel federal student loans. Federal student debt can be canceled with the “flick of your pen,”. This authority is already being put to use, as it is currently being used to cancel the interest owed on all federally-held student loans. Now it is time for you to honor your campaign pledge and use this authority to cancel all student debt.
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