Senate Majority Leader Chuck Schumer (D-NY), along with Senator Elizabeth Warren (D-MA) and other Democrats, held a news conference Thursday to introduce their resolution.
The measure calls on the White House to forgive $50,000 in student debt for all borrowers by executive action.
Experts say the forgiveness plan would cancel all of the debt for 80% of federal student loan borrowers.
President Biden has expressed hesitation about canceling student debt through executive action.
White House Press Secretary Jen Psaki said Thursday that President Biden supports Congress passing legislation to forgive $10,000 in federal student loans per-person due to the COVID pandemic.