Building Back Together Applauds President Biden’s New Student Loan Debt Forgiveness Plan

FOR IMMEDIATE RELEASE: April 8, 2024
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BUILDING BACK TOGETHER APPLAUDS PRESIDENT BIDEN‘S NEW STUDENT LOAN DEBT FORGIVENESS PLAN

President Biden’s new plan would further expand debt relief to over 30 million student borrowers

WASHINGTON, DC – Today, the Biden-Harris Administration announced a new plan to cancel student debt for millions of borrowers, adding to the $146 billion in relief the Administration has already provided to borrowers. Building Back Together State Partnerships Director Bart Rutherford released the following statement:

“When the Supreme Court struck down President Biden’s initial student debt relief plan, his administration continued to fight for borrowers — eliminating student debt for four million borrowers. But for the Biden-Harris Administration, the work hasn’t stopped there. They have continued to fight for a path forward and today are launching a brand new plan that will provide relief to over 30 million Americans who have taken out student loans — especially for people of color and those with disabilities.

“This new plan is creating breathing room for families like mine who have continued to feel the burden of student debt for decades. From wiping years of accrued interest from my loans to the previous rounds of student loan forgiveness, borrowers nationwide are set to feel the impact of President Biden’s new plan and it serves as an important reminder that student loan debt relief doesn’t just help borrowers – it benefits the entire economy. Now borrowers like me can focus on building for our family’s future without being crushed by never-ending student loan debt.”

President Biden’s plans would eliminate accrued interest for 23 million borrowers, fully cancel student debt for four million borrowers and provide more than 10 million borrowers at least $5,000 in relief. This plan builds off the many steps already taken by the Biden-Harris Administration to deliver debt relief, including the SAVE Plan, which offers borrowers an affordable repayment plan, which 8 million have already enrolled in.

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