Elizabeth Warren is holding her first hearing on student debt cancelation. Here's what to expect.
Summary List Placement In her first hearing as Chair of the Senate Banking Committee's Subcommittee on Economic Policy, Sen. Elizabeth Warren of Massachusetts will address the impact of student debt on racial justice, borrowers, and the economy. On Tuesday, 11 witnesses , including Rep. Ayanna Pressley of Massachusetts and the CEO of student-loan servicer Navient, John Remondi, will testify at a hearing on the burden of the $1.7 trillion student debt crisis in the country. This will be Warren's first official hearing on the topic, and it will likely amplify her previous calls on President Joe Biden to cancel $50,000 in student debt per person using his executive powers. Pressley, who joined Warren in February to reintroduce a resolution to cancel $50,000 in student debt per person, said in a testimony published ahead of the hearing that she knows "what it feels like to wake up in a cold sweat over a student loan in default," and in a matter of months, she said, the pause on federal student loan payments will be lifted, and many people, disproportionately people of color, will bear the burden of these payments. "So, as we work to ensure an equitable and prompt recovery to the current economic crisis, we can't afford to make the same mistakes of the past.
Elizabeth Warren is holding her first hearing on student debt cancelation. Here's what to expect.
Summary List Placement In her first hearing as Chair of the Senate Banking Committee's Subcommittee on Economic Policy, Sen. Elizabeth Warren of Massachusetts will address the impact of student debt on racial justice, borrowers, and the economy. On Tuesday, 11 witnesses , including Rep. Ayanna Pressley of Massachusetts and the CEO of student-loan servicer Navient, John Remondi, will testify at a hearing on the burden of the $1.7 trillion student debt crisis in the country. This will be Warren's first official hearing on the topic, and it will likely amplify her previous calls on President Joe Biden to cancel $50,000 in student debt per person using his executive powers. Pressley, who joined Warren in February to reintroduce a resolution to cancel $50,000 in student debt per person, said in a testimony published ahead of the hearing that she knows "what it feels like to wake up in a cold sweat over a student loan in default," and in a matter of months, she said, the pause on federal student loan payments will be lifted, and many people, disproportionately people of color, will bear the burden of these payments. "So, as we work to ensure an equitable and prompt recovery to the current economic crisis, we can't afford to make the same mistakes of the past.