Presidential candidate Sen. Elizabeth Warren (D-Mass.) on Tuesday pledged to cancel student loan debt for 42 million Americans on the first day of her presidency by bypassing Congress and using an existing authority from the Department of Education.
Warren had already unveiled a plan to cancel up to $50,000 in loans for about 95 percent of student borrowers, but her plan, unveiled in a Medium post on Tuesday, details for the first time how she would accomplish it.
The presidential candidate said she would use the Higher Education Act, which gives the Department of Education authority "to modify, compromise, waive, or release student loans."
"The Department of Education already has broad legal authority to cancel student debt, and we can’t afford to wait for Congress to act," she added. "So I will start to use existing laws on day one of my presidency to implement my student loan debt cancellation plan that offers relief to 42 million Americans."