AAMA Supports President Biden’s Student Loan Relief
Published on August 24, 2022
African American Mayors Association Supports Biden’s Student Loan Relief Program
(Washington, D.C.) — As President Joe Biden announced his three-part plan to deliver student loan relief to millions of low to middle- income borrowers, today the African American Mayors Association (AAMA) released the following statement in support of Biden’s student loan relief plan:
AAMA applauds the President’s long standing efforts to bring down the cost of student debt as a testament to his commitment to working and middle class families. While there is still work to be done to achieve college affordability, this debt relief will make a significant impact for millions of borrowers, especially students of color who are disproportionately impacted by higher rates of student loan debt.
Biden’s plan will provide targeted debt relief of $10,000 for borrowers who make less than $125,000 per year, and provide up to $20,000 in debt cancellation for Pell Grant recipients, among the students who need relief the most. In addition, the pause on student loan forgiveness will be extended one more time to December 31, 2022. If all borrowers claim this relief, it is expected to provide relief to up to 43 million borrowers, including canceling the remaining balance for about 20 million borrowers.
Biden’s student debt relief plan also includes proposals to make the system more manageable for current and future students by cutting monthly payments in half for undergraduate loans and proposing new credit rules for the Public Service Loan Forgiveness program (PSLF).
More information on the President’s debt forgiveness program can be found here.