The Biden-Harris Student Debt Rules Will Help Millions of Americans
FOR IMMEDIATE RELEASE
CONTACT:
media@edtrust.org
202-731-9582
Statement from Wil Del Pilar, Senior Vice President of EdTrust, on the Biden-Harris administration’s student loan cancellation announcement
WASHINGTON (April 8, 2024) — “EdTrust welcomes the upcoming student debt rule from the Biden-Harris administration. This rule has the potential to provide financial relief for nearly 25 million Americans, many of whom are people of color and from low-income backgrounds — who, due to hefty interest rates, owe more money now than they did when they first took out their student loans. If implemented, this rule could also yield up to $20,000 in student debt relief for millions more Americans.
“Additionally, the rule cancels the debt for people who already qualify for debt cancelation under existing plans but have yet to receive it; those who have been paying back their loans for more than 20 or 25 years depending on loan type; and former students who attended colleges that have closed or are no longer eligible to participate in federal financial aid programs. Finally, the rule allows for hardship determinations for people who are overly burdened with additional household expenses and are at high risk of defaulting on their student loans.
“We urge the administration to implement this rule as broadly as it allows to ensure that this vital student loan relief reaches as many people as soon as possible, particularly those from underserved communities, including people of color and those from low-income backgrounds, who are most burdened by student debt.”
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