Scott Statement on President Biden’s Plan to Deliver Debt Relief to Over 30 Million Student Borrowers
WASHINGTON – Ranking Member Robert C. “Bobby” Scott (VA-03) released the following statement after the Biden-Harris Administration unveiled initial details of a new set of plans that would provide student debt relief for tens of millions of borrowers across the country. The plans, if implemented, would provide debt relief to over 30 million Americans when combined with actions the Biden-Harris Administration has already taken to cancel student debt over the past three years.
“Today’s announcement will be lifechanging for millions of student loan borrowers across the country. The Biden-Harris Administration is proposing to stop balances from ballooning because of ‘runaway interest,’ discharge loans for borrowers who qualify for relief but have not applied, eliminate loans for borrowers who have been in repayment for more than 20 years, crack down on predatory institutions that burden students with debt, and eliminate loans for borrowers experiencing financial hardship. With this announcement, President Biden is keeping his promise to the American public to use every tool at the Administration’s disposal to get student loan borrowers the relief they need.
“In Congress, we should be doing everything we can to build on the Biden-Harris Administration’s efforts to reduce the burden of student loan debt. Regrettably, Congressional Republicans are only interested in advancing policies that would wreak havoc on our higher education system and inflict pain on students struggling to afford a college degree. For example, four months ago, House Republicans advanced through Committee their so-called College Cost Reduction Act which – if signed into law – would eliminate President Biden’s SAVE plan, disrupt loan repayment for millions for borrowers already enrolled in the program, and raise the cost of attending college for students and families by restricting access to federal student aid and affordable loan repayment plans.
“In stark contrast, Congressional Democrats launched the Roadmap to College Student Success (RCSS), a proactive legislative blueprint to improve our nation’s higher education for students and families. RCSS brings together a series of bold proposals focused on (1) bringing down the cost of college, (2) helping students access a quality degree, and (3) once students are in school, providing them with the support they need to graduate.
“I will continue working alongside the Biden-Harris Administration and my colleagues so that every student borrower can achieve the lifelong benefits of a quality higher education without crushing debt.”
To learn more about the Biden-Harris Administration’s proposal, click here.
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