Several Democrats are calling for President Joe Biden to cancel $50k of student debt. This is an increase from Biden's suggested campaign promise of relieving up to $10k in student debt forgiveness.

Rep. Ilhan Omar personally recorded a video for people, stating that she has "called for a complete cancelation of student debt. We are now asking for up to $50,000 because we know [President Biden] has the executive authority to do it with an executive action."


The main Democrats behind calling for the student debt forgiveness are Senate Majority Leader Chuck Schumer, Ilhan Omar, Elizabeth Warren, Ayanna Pressley, and a few others. It is suggested that the Higher Education Act of 1965 will allow the White House to cancel student debt without using a Congressional action, according to CBS News.

Also in the CBS News report was comments by Chuck Schumer and estimates by Elizabeth Warren:

"College should be a ladder up," Schumer said. "For too many people, debt is the anchor that weighs them down, and they rarely overcome it."

Warren estimated the initiative would cost about $650 billion, but she said the measure would "boost our economy right now. "The idea behind this is to put more money into the pockets and better long term prospects for young people who are starting their economic lives," Warren said. "In the long run, canceling this student loan debt will be a big positive, not only for those families, but also for our economy."

It's unclear how fast Congress will move on this, if they budge at all.