Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor regarding Senate Republicans’ attack on the Biden administration’s SAVE plan to help American student loan borrowers who need it the most. Below are Senator Schumer’s remarks, which can also be viewed here:
Last month, President Biden announced his new SAVE plan for student loan borrowers, calling it the most affordable student loan repayment plan ever created. And not one day into this work period, Senate Republicans are already trying to torpedo this new lifeline for millions of American borrowers.
In the wake of the Supreme Court’s horrendous decision earlier this year, President Biden has unrolled a student debt plan that already is helping millions. It’s targeted relief for those who need it most: working class families. Middle class families. Borrowers of color. And remarkably 4 million – 4 million – borrowers have already enrolled.
Those with undergraduate loans will pay no more than 5% of their income. Many borrowers with lower incomes will see their monthly student loan payments cut in half. Some will see it drop to $0. And many more will save up to $1,000 a year on payments.
Think about what these savings will empower people to do: save for a down payment on a home, start a family, create a business. Contribute to the economy. Isn’t this something we should all get behind?
Well, apparently and unfortunately, Senate Republicans think not. On the very same day that the administration announced 4 million borrowers have enrolled to the SAVE plan, Senate Republicans announced their plan to eliminate this lifeline.
It’s becoming a trend. Democrats work hard to find new ways to provide relief for borrowers in need, and then Republicans, instead of working with us to find a fix to our broken student loan system, immediately shoot them down.
My colleagues on the other side like to talk about lowering costs, but then they turn around and oppose any attempt to give student loan borrowers the help they need – and for them that’s maybe the biggest, or one of the biggest, costs that they have.
Republicans, use the same old, tired excuse: that student loan relief only helps the few, the wealthy. That’s utter nonsense. President Biden’s SAVE plan will benefit the Americans who need it most: working and middle-class families, students of color, community college students, and borrowers working in public service.
Senate Democrats will strongly oppose this Republican measure should it come to the floor for a vote, and we will stand with student loan borrowers as we continue to push for as much relief as possible.