The Biden Administration announced plans to cancel $10,000 in student debt for borrowers earning under $125,000 a year. Borrowers who received a college federal Pell grant, given to students that have the greatest need, qualify for up to $20,000 in student debt relief. The White House action extended a freeze on student loan payments that President Trump initiated in 2020 as part of pandemic relief. This is the fifth time President Biden continued the moratorium on student debt payments.
“President Biden’s historical student debt cancellation is a bold step that goes beyond previous support and will help vulnerable communities,“ said Eric LeCompte, Executive Director of religious group Jubilee USA Network. LeCompte's organization advocated for the student relief measures with the Biden and Trump White House. “Soaring food and gas prices are putting more pressure on vulnerable communities still reeling from the pandemic.”
Jubilee USA mobilized thousands of messages to Congress and the Trump and Biden White Houses urging student debt relief to help confront the economic crisis spurred by the coronavirus.
“While the student loan forgiveness helps those hit by the pandemic and inflation, more student debt relief will be needed,” added LeCompte.