Congresswoman Bonnie Watson Coleman (NJ-12), Vice Chair of the Congressional Progressive Caucus issued the following statement after President Biden announced that the federal government will provide historic student debt relief:
“Since President Biden took office, my House colleagues and I have called on President Biden to deliver broad student debt relief to alleviate the millions of borrowers who have struggled under the burden of the high costs of education and outrageous interest rates. I’m proud that today President Biden has heeded those calls and delivered historic relief.
“Cancelling up to $20,000 in student debt is life changing for millions of Americans including the 1 in 4 Black borrowers who would see their debt eliminated completely. Additionally, the capping of repayment of undergraduate loans at 5 percent of their monthly income and maintaining the moratorium on payments through the end of the year will help many as the economy continues its recovery from the COVID-19 pandemic.
“Though more must be done to close the racial wealth gap – and I will continue to work with my colleagues in Congress to help borrowers still struggling to make payments – make no mistake, this is a historic win for hardworking Americans.”
Borrowers and their families can visit studentaid.gov/debtrelief for further details and to sign up to be notified automatically as more information becomes available.
Original source can be found here.
