05.17.24

Ranking Member Scott Applauds the Biden Administration’s Proposal to Expand Student Debt Relief for Over 30 Million Americans

WASHINGTON – Today, Ranking Member Robert C. “Bobby” Scott (VA-03) applauded the Biden-Harris Administration’s proposed regulations to provide student debt relief for tens of millions of borrowers across the country. The proposal builds on the Administration’s ongoing efforts to provide relief to Americans burdened by student loan debt. If implemented, this rule would provide debt relief for over 30 million Americans when combined with actions the Biden-Harris Administration has already taken to cancel student debt over the past three years.

The proposed rule would give the most vulnerable borrowers relief from “runaway interest,” discharge loans for borrowers who are eligible for targeted relief but have not successfully applied, and crack down on low-quality programs that do not provide value to students.  

“Congressional Republicans continue to advance policies that would destabilize our higher education system and harm students struggling to afford college through legislation such as their College Cost Reduction Act, which attempts to raise the cost of attending college for students and families by restricting access to federal student aid and eliminating affordable loan repayment plans, said Ranking Member Scott.

Ranking Member Scott continued, “In stark contrast, I applaud the Department for its continued work to ensure all students are given the tools they need to participate in higher education and receive the economic benefits that should come with it.  Thank you for your work to make student loan repayment more manageable for the most vulnerable borrowers.  As the Department works to finalize these regulations, I appreciate your consideration of my recommendations.”

Since April 2024, the Biden Administration has forgiven $153 billion in federal student loan debt for nearly 4.3 million borrowers. The proposed rule would allow the Administration to continue their work providing comprehensive student debt relief and additional clarity to millions of more vulnerable borrowers.

To read the full text of the letter, click here.

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