The student loan cancellation plan is the first thing on the list of Senator Elizabeth Warren when elected for the presidency.
A student loan cancellation bill
In the presidential race, Senator Elizabeth Warren wishes to get ahead of her opponents by proposing a complete bypass of Congress to hasten the implementation of her student loan cancellation bill, as soon as she is seated as President of the United States.
Senator Elizabeth Warren and Senator Bernie Sanders are both running for the presidency this November 2020. Both presidential aspirants have proposed a full-scale implementation of canceling student loans.
Senator Sanders plans to push for a universal student loan forgiveness bill, while Senator Warren suggests an exception depending on a family income basis (high-income families are excluded).
With both senators have strong platforms, Congress still holds the key to the reality of their proposals. A bill for the cancellation of student loans will pass through the House and then the Senate before coming into law. The process will be a long way to go, given how politics work in the U.S nowadays.
Bypassing Congress
However, Senator Warren has a bold proposal to hasten her proposed student loan cancellation bill, “Bypass Congress.”
According to Warren’s explanation, if she becomes President, she will use her executive authority to bypass Congress and enact her proposal.
The Higher Education, which is the governing legislation over the federal student loan system, provides the U.S Department of Education the authority to cancel out student loan debts.
Congress has already allowed the federal government to free students from their student loan debts. Even with authority given to the federal government, however, forgiven loans are limited to those under federal loans only. And even with the limitation to federal loans only, the role of the U.S Department of Treasury should also be considered, which furthermore limits the coverage of the subsidy given to student loan forgiveness grantees.
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