The authors note, that despite public rhetoric to the contrary, the Higher Education Act of 1965 doesn’t provide unlimited authority to the president. Sen. Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer (D-NY), who hold law degrees, argue that the Higher Education of Act provides an unlimited power to the president to cancel an unlimited amount of student loan debt for an unlimited amount of student loan borrowers. Despite their argument for an unlimited right to cancel student loans, their proposal is for Biden to cancel up to $50,000 of student loans for federal student loan borrowers only who earn up to $125,000 annually.
