NAICU Washington Update

Senate Holds Hearing on Student Loan Debt Forgiveness

April 16, 2021

Sen. Elizabeth Warren (D-MA) expressed a desire to see $50,000 of federal student loan debt forgiven while pressing the leaders of both Navient and the Pennsylvania Higher Education Assistance Agency (PHEAA) to do more to protect student loan borrowers at a Senate hearing this week.

As chair of the Subcommittee on Economic Policy of the Senate Committee on Banking, Housing, and Urban Affairs, Sen. Warren  held the hearing: “The Student Debt Burden and Its Impact on Racial Justice, Borrowers, & The Economy.” 

Ranking Member Sen. John Kennedy (R-LA) expressed the need to ensure that all Americans are treated fairly and asked questions regarding the role of institutions in adding to student loan debt.  He also asked why student loan debt was being singled out for consideration and not the forgiveness of mortgage debt, housing debt, and credit card debt. 

In addition to the CEOs of NAVIENT and PHEAA, witnesses included Members of Congress, academic researchers and policy analysists.

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