Congressman Steve Cohen (TN-09) today applauded President Biden’s decision to cancel up to $10,000 for most student borrowers, and up to $20,000 for Pell grant recipients, as he met a campaign pledge to ease the burden on low- and moderate-income borrowers facing higher costs and pandemic disruptions.
Congressman Cohen made the following statement:
“President Biden has made good on his promise to ease the debt burden on lower- and middle-class students while avoiding a windfall for those who can afford to repay their loans.
“The high cost of borrowing should not prevent Americans from pursuing a college degree or result in such crushing debt that they can’t get started in life. I applaud the President’s commonsense, courageous and conscientious policy announcement.”
On Wednesday, President Biden announced that the Administration will extend the pause on student loan repayment to December 31, 2022, and proposed targeted debt relief of up to $20,000 for Pell Grant recipients and up to $10,000 for non-Pell grant recipients that could help as many as 43 million borrowers making less than $125,000 a year and households making less than $250,000 a year. The plan also extends the public service student debt reduction program.
Original source can be found here.
