Today President Biden once again showed that his Administration stands with working families over special interests by forgiving up to $20,000 in debt for Pell Grant recipients and up to $10,000 for non-Pell Grant recipients for borrowers who earn less than $125,000 per year or households earning less than $250,000. The student loan payment pause which has been vital for borrowers struggling because of the ongoing COVID-19 pandemic has also been extended for a final time through the end of 2022.
Excessive student debt is a drain on our economy and burden for many working families strained by rising housing costs, childcare, health care and food. In fact, roughly 45 million Americans owe $1.75 trillion in student debt.
Today’s actions will help millions of Americans who are consumed by student debt get on solid financial footing, including the thousands of our members in higher education who are on the cusp of completing their education and facing mounting student debt.
While we applaud these historic efforts , we will continue to advocate the administration for additional relief. Our union looks forward to working with Congress and the Administration to put in place policies that will expand access to ensure no American is prevented from pursuing their dreams and having a bright future.
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