Kaine Statement on Biden Administration Decision to Provide Targeted Student Loan Forgiveness
WASHINGTON, D.C. — Today, U.S. Senator Tim Kaine released the following statement after President Biden announced his decision to provide targeted student loan forgiveness to millions of Americans. His plan would cancel up to $20,000 of student loan debt for Pell Grant borrowers and $10,000 of student loan debt for non-Pell Grant borrowers—a move Kaine has called for previously:
“Getting the education you need to achieve your dreams or provide for your family shouldn’t be a one-way ticket to a mountain of debt. I’m glad to see President Biden provide targeted student loan forgiveness to help millions of Americans. This will make a big difference for so many Virginians and Americans. I’m going to keep working to ease the burden of student loan debt and make post-secondary education more affordable.”
President Biden’s plan would apply to Americans with incomes under $125,000 per year or $250,000 per year for married couples who file their taxes jointly. The President also extended the moratorium on federal student loan payments until December 31, 2022.
Studies have shown that borrowers with less than $10,000 of debt tend to have the hardest time paying off their loans because they might not have finished their degree, or may have entered a less lucrative field. The vast majority of these borrowers are people of color.
Kaine has long supported efforts to lower student loan debt and make post-secondary education more affordable by increasing Pell Grant awards, expanding Pell Grant eligibility to job training programs, expanding access to public service loan forgiveness, providing financial counseling to students and their families on the front-end, expanding early college high school programs, and making it easier to transfer from community colleges to four-year schools.