Progressive Democrats in Congress want President Joe Biden to enact wide-scale student loan cancellation up to $50,000 for student loan borrowers. Even though Congress could pass legislation to cancel student loans, some members of Congress have pinned their hopes on the president issuing an executive order that could completely wipe out federal student loan debt for 36 million Americans. Based on the leading proposal from Sen.
Another reason that Congress hasn’t cancelled student loans is that Congress doesn’t have the votes to pass wide-scale student loan cancellation. That’s a surprise to many people, but if Congress held a vote today on wide-scale student loan cancellation, the legislation wouldn’t pass.