Senate Majority Leader Chuck Schumer (D-NY) today released the following statement on President Biden’s newly announced student debt repayment program, the SAVE Plan, which aims to lower the burden of student loan debt:
“This is a giant step forward in decreasing the burden of crushing debt that rests on so many borrowers’ shoulders. Low-income students, whose burdens will be cut in half, and most other students, who will never pay more than 5% of their income, will breathe a sigh of relief across every corner of America.
“While there will be those that will challenge this in court, the administration has carefully crossed the legal t’s and dotted the legal i’s. The fight to cancel student debt is far from over, but this is a massive step in the right direction. President Biden deserves accolades and support for this action.”