Majority Leader Schumer Statement On President Biden Proposing Cancellation Of Student Loan Debt For Another 29 Million Borrowers Through Executive Action

New York, N.Y. – Senate Majority Leader Chuck Schumer (D-NY) today released the following statement applauding President Biden’s new plan to provide debt relief to another 29.5 million student loan borrowers.

"Since the day President Biden took office, I have urged him to do everything in his power to cancel as much student loan debt as possible, especially for communities of color who are systematically held back from achieving the American dream. Today’s announcement shows the President is heeding Congress’s call and Democrats will continue to be relentless in doing everything we can to lower costs and make college more affordable. 

"President Biden’s latest executive action would automatically forgive interest accrued on existing student loans for an additional 25 million borrowers, and automatic cancellation for over 4.5 million who have already qualified for forgiveness though at least a decade in a repayment program. While there’s always more work to be done to alleviate the burden of student loan debt, and we will not stop until crippling student loan debt is a thing of the past. 

"After the MAGA Supreme Court struck down the most far-reaching student loan debt forgiveness last year and ripped away a financial lifeline from those who need it most, this new action by President Biden shows Democrats are committed fixing the Federal student loan program so that higher education can finally be a ticket to the middle class for everyone.”

###