Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) and Senator Elizabeth Warren (D-MA) released the following joint statement today after President Biden announced his plan to cancel student loan debt. The announcement comes after nearly two years of Senators Schumer and Warren and others calling for broad student loan debt cancellation.
“With the flick of a pen, President Biden has taken a giant step forward in addressing the student debt crisis by cancelling significant amounts of student debt for millions of borrowers. The positive impacts of this move will be felt by families across the country, particularly in minority communities, and is the single most effective action that the President can take on his own to help working families and the economy.
“This action, along with the pause on federal student loan payments, interest, and collections will improve borrowers’ economic security, allowing them to invest in their families, save for emergencies, and pay down other debt. In addition, we are pleased to see the President’s proposed work towards greatly simplifying and expanding access to student loan relief programs, including the Public Service Loan Forgiveness program, and look forward to additional improvements to other programs like Income Driven Repayment, which will also allow millions more student loan borrowers to better access existing programs to reduce their student loan debts.
“No president or Congress has done more to relieve the burden of student debt and help millions of Americans make ends meet. Make no mistake, the work - our work - will continue as we pursue every available path to address the student debt crisis, help close the racial wealth gap for borrowers, and keep our economy growing.”