With nearly 45 million individuals receiving a bill each month, Americans now owe about $1.7 trillion in student loans.
Many people who have applied for loan forgiveness through a federal program said they were rejected due to complicated eligibility requirements.
Student debt cancelation is not the solution.
"Cancelling student debt is both the morally right and economically sound thing to do," the Democratic lawmakers wrote in a letter to Biden.
Thousands of teachers, social workers and other public servants would become eligible for loan forgiveness under the changes.
Any action on student loan forgiveness should only take place after a real discussion of more dramatic reform of higher education, including its finances.
The people behind the alleged scheme reached out to an estimated 380,000 student loan borrowers between 2017 and 2020, California's attorney general said.
President Biden has taken action during the pandemic to pause federal student loan payments. But he has rejected proposals from Senators to cancel up to $50,000 per person from our country's $1.6 trillion in student debt, ignoring stories like mine.
The Education Department announced the move and out of the many borrowers, around 43 percent are in default on their loans, the department said.
"This is going to be a smooth process for our borrowers," said Education Secretary Miguel Cardona of borrowers living with serious disabilities.
Democrats place renewed emphasis on cancelling college debt as President Joe Biden extends the pause on federal student loan payments until January 31, 2022.
"The White House says it doesn't have authority to extend the eviction moratorium or cancel student debt. But it hasn't had a problem conducting airstrikes without authorization from Congress," Representative Jamaal Bowman said.
"With the stroke of a pen, he can follow through on his promise and bring life-changing relief for tens of millions of Americans," Senantor Chuck Schumer wrote in an op-ed.
Many parents are taking out massive federal loans of $50,000 or more to send their kids to these colleges. Is your alma matter or kid's top pick among them?
Default and delinquency rates on parent loans at these schools run as high as 30 to 40 percent just two years after the family's student has left college.
Students of now-closed for-profit schools of Westwood College, the Marinello Schools of Beauty and the Court Reporting Institute will have loans forgiven.
If taxpayers are going to be forced to foot the bill for the college debt incurred by others, the least the government can do is require Congress to vote on it.
"Our action today will give thousands of borrowers a fresh start and the relief they deserve," Education Secretary Miguel Cardona said in a statement.
President Joe Biden's administration still hasn't decided whether it should forgive student loan debt.
Biden said he supported the elimination of thousands of dollars in student loan debt during the 2020 election.
"We need to push him. I believe in full student loan debt cancellation," Ocasio-Cortez said. "But we have to push him to at the bare minimum a floor of $50,000 that Sen. [Elizabeth] Warren and Sen. [Chuck] Schumer have also advanced."
"The domino effects of student debt burdens and loan servicing problems are holding back the upcoming generation," Cordray wrote in his 2020 book, "Watchdog."
The U.S Education Department announced a reorganization of a loan forgiveness plan that is expected to cancel the student debt of more than 40,000 Americans who have disabilities.
The Biden administration outlined a policy shift which will see thousands of students defrauded by for-profit institutions have their full federal loan erased.
The new policy could lead to up to $1 billion in loan forgiveness.
Foreign developers are pushing young American farmers out of the industry, taking advantage of their crippling student loan debts and inability to own property, young Midwest farmers say.
"This provision that's tucked in, I think it tells us that if you care about student debt cancellation, it is go time for you. You need to mobilize, and now is the time to organize to create the political pressure," the New York Democrat said Thursday.
Public support for eliminating student loan debt dropped 16 points when the amount of debt cancellation was increased to $50,000, according to a new Monmouth University survey.