Yahoo Finance: Senator Elizabeth Warren breaks down America's 'broken student loan system'

Senator Elizabeth Warren (D-MA) grilled two student loan servicers and hosted experts at a student loan hearing on Tuesday before sitting down with Yahoo Finance to describe her argument for President Biden to unilaterally cancel $50,000 in federally-backed student loans for tens of millions of Americans.

"Overall, in this hearing, it was perfectly clear [that] we have a broken student loan system," Warren, chairwoman of the Subcommittee on Economic Policy at the Senate Committee on Banking, Housing, and Urban Affairs, told Yahoo Finance Presents (video above).

"We’ve got these middlemen, these student loan debt servicers that were with us today, who can’t seem to keep straight," she said, adding that issues with servicers are "just one more example of the United States government is running a massive student loan program that is really putting a burden on tens of millions of people around this country. That makes no sense."

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