Elizabeth Warren said cancelling $50,000 student loan debt would give 36 million borrowers 'permanent total relief'

36 million borrowers could be given permanent total relief if $50,000 in student loan debt is canceled, according to Sen. Elizabeth Warren.

Senate Majority Leader Chuck Schumer and Rep. Ayanna Pressley were at a virtual town hall with Warren.

The senator from Massachusetts reiterated her call on President Joe Biden and his administration to do the right thing and offer relief to student loan borrowers.

36 million Americans would be given permanent total relief if $50,000 of student loan debt was canceled, said Warren during the town hall. Reducing the principal on their debt would aid millions more.

More than 43 million borrowers have student loan debt.

Some Democrats have been urging Biden to raise at least $50,000 to fulfill his campaign promise to cancel at least $10,000 in student loan debt.

More than 80 Democratic letters sent a letter to Biden earlier this week asking him to immediately cancel student debt in a memo before the payment pause expires in May of this year.

The letter outlined the administration's authority to provide student loan relief to borrowers; thus far the administration has not taken responsibility for Congress failing to put forth a student-debt bill on his desk.

Schumer said during the Thursday town hall that they made the conclusive case that they had the authority to do it.

The Senate Majority leader said that the President can do it with a flick of the pen.