The charge for an easing on student loans gained further momentum as Senate Majority Leader Chuck Schumer made a renewed call for the $50,000 loan forgiveness, in an op-ed published in USA Today on Tuesday.

With a recent survey by Student Debt Crisis finding that 75 percent of borrowers report the payment pause as being "critical to their financial wellbeing," Democrats remain focused on the issue, which impacts roughly 43 million Americans who owe nearly $1.7 trillion in debt.

He also cited a study from the Education Department study that found the typical Black student might owe more on their federal loans than they initially borrowed—as much as 12 years after starting their school.

Through a 1965 provision within the Higher Education Act called "compromise and settlement" authority, the president has the power to cancel portions of student debt.