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Senator Murray on Biden Forgiving Student Debt: “Life Changing for Borrowers”

 Senator Murray: “Tonight, tens of millions of borrowers across the country who’ve been saddled with student debt can sleep easier knowing their balances will finally go down—and millions will see their debt wiped entirely.”

  

(Washington, D.C.) – Today, U.S. Senator Patty Murray (D-WA), Chair of the Senate Committee on Health, Education, Labor, and Pensions (HELP), issued the following statement on President Biden’s announcement that the Department of Education will forgive $10,000 in student debt for tens of millions of borrowers earning less than $125,000 and couples earning less than $250,000 and $20,000 for such borrowers who formerly received Pell Grants; bring down borrowers’ monthly payments; and extend the student loan payment pause through the end of the year.

 

“It’s hard to overstate how badly the student debt crisis has strained borrowers and families across the country. I hear from people in Washington state all the time about how student debt has been holding them back—preventing them from starting families, buying homes, and all too often, from simply making ends meet. That’s why, for months, I’ve been calling on President Biden to deliver relief for borrowers and families across the country. Finally, real relief is here.

 

“This is a milestone moment for borrowers. Tonight, tens of millions of borrowers across the country who’ve been saddled with student debt can sleep easier knowing their balances will finally go down—and millions will see their debt wiped entirely. In Washington state alone, the President’s action will be life changing for hundreds of thousands of eligible borrowers whose debt will shrink—and so many whose balances will be completely canceled. This is huge. And I’m really glad former Pell Grant recipients will get additional relief—this is a big step forward to get relief to those who need it most and help address long-running racial and economic disparities in our student loan system.

 

“These steps will lift stress off people’s shoulders, help borrowers make rent, provide for their families, and build for a better future—and will strengthen our entire economy.

 

“Now, it will be important for the Department of Education and the Administration to deliver on this historic announcement by ensuring borrowers can easily access the relief they are due.

 

“And make no mistake: we can’t stop here. I’m going to keep fighting to make college more affordable. And I continue to urge the Administration to permanently fix the broken student loan system that’s holding borrowers back. That’s what I’ve been pushing to get done for months—and I won’t stop fighting until it’s a reality.”

 

Senator Murray has led the charge to make the student loan system work for students and families, ensure borrowers get the relief they are entitled to, and lower the cost of college. In 2020, she called for the federal government to forgive at least $10k in student debt.

 

Since then, Senator Murray has pushed the Biden Administration to fix the broken student loans system and ensure borrowers get the relief they are owed. Earlier this year, Senator Murray called on the Biden Administration to permanently fix our broken student loan system and extend the student loan payment pause until at least 2023 to do so. Specifically, she called on the Administration to:

  • Give struggling borrowers a fresh start by placing those in default before the pause back into good standing—something the Biden Administration is implementing now;
  • Make income-driven repayment (IDR) more generous and easier to access—which the Biden Administration has announced it is working to do and announced more steps on today;
  • Build on the tremendous relief made possible by the Administration’s Public Service Loan Forgiveness (PSLF) plan by extending the deadline for the temporary waiver and making permanent improvements to the PSLF program—something the Administration has taken steps toward in recently-proposed rules;
  • Provide immediate relief by forgiving some debt for all borrowers and prioritizing relief for those who need it most—which the Biden Administration took action on today; and
  • Extend the payment pause until at least 2023 to implement these reforms before payments resume—which the Biden administration also announced today.

 

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