President Biden finally took action — canceling up to $20,000 for Pell Grant recipients and $10,000 for non-Pell Grant recipients. Borrowers who earn less than $125,000 per year and households earning less than $250,000 are eligible to have their loans canceled. This plan also caps loan repayments at 5% of monthly income for those with undergraduate debt, and the pause on repayments will be extended to the end of the year.
For decades, we've shackled college students with debt — and this is finally a step in the right direction. Our pressure campaign worked. This victory was won by the movement of countless activists, organizers, organizations, and progressive elected officials who have pushed the president relentlessly to take action.
Today we can celebrate this win, but tomorrow we must keep up the pressure to build on this victory and win more.
Too many people can't afford to live, and the massive burden of student loans makes the problem worse. Our economy is still in recovery, and even though jobs numbers are up, they are up less for the Black and brown communities. Even some seniors still struggle with student loan debt into their sixties and seventies.
And means-testing debt relief by capping income for loan holders ignores the fact that those with loans already were means-tested through FAFSA to get the loans in the first place.
That's why we have to push for more. If we build on this victory with more action on loan forgiveness, we can stimulate the economy, make a huge dent in the racial wealth gap, and help those who are struggling. I'll keep fighting for more student loan relief in Congress — so if you can today, make a contribution to help keep me there.
Peace and love,
Jamaal Bowman
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