On Wednesday, more than 80 members of the Senate and House wrote to President Joe Biden requesting that his administration release the memo detailing his legal authority for cancelling student debt.

The president asked the department for this report. last year.

Senator Chuck Schumer (D-N.Y.) and Sen. Elizabeth Warren (D-Mass.), called for the president’s immediate forgiveness of $50,000 to each borrower. This move would cost around $500,000 $1 trillionAnd 80%, that is 36 million, of the student loan borrowers would be able to get their loans completely paid.

The outstanding student loan debt of the United States has surpassed $1.7 trillion. This is a greater burden on households than auto or credit cards debt. About 10 million students are at risk of default or delinquency.

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After the March 2020 coronavirus pandemic, student loan payments have been halted by the Education Department. The relief granted has been extended five additional times since March 2020 and is due to expire May.

They said that Americans shouldn’t have to stop receiving the payments.

“In light of high Covid-19 case counts and corresponding economic disruptions, restarting student loan payments without this broad cancellation would be disastrous for millions of borrowers and their families,” they wrote.

Biden asked the U.S. Department of Education as well the U.S. Department of Justice for memos on the legal authority to cancel student loans. Schumer and Warren insist that the president is able to cancel student debt. It is possible that the White House will weigh legal consequences of this move.

Many experts believe that Congress has little chance of passing relief legislation, even though some moderate Democrats support loan forgiveness.

White House spokesperson said that the President continues to investigate administrative debt relief options.  

It’s not clear why reports about his authority to do this haven’t yet been published. In their letter the legislators point out that the Department of Education already has its memo for close to ten months.