Edited statements from Rep. Suzanne Bonamici, Sen. Ron Wyden
\nand Sen. Jeff Merkley about their reactions to President Joe Biden’s Aug. 24
\nannouncement about targeted forgiveness for student loans:<\/p>\n
Bonamici sits on the House higher education subcommittee and
\nhas worked on the issue for years.<\/p>\n
Rep. Suzanne Bonamici:<\/b><\/p>\n
“The Biden administration’s historic decision to
\nforgive up to $20,000 in student loan debt will transform the lives of millions
\nof hardworking Americans.<\/p>\n
“I applaud President Biden for taking bold action that
\nprovides relief to borrowers who need it most – Pell Grant recipients and those
\nwith debt but no degree. Pell Grant recipients are eligible for up to $20,000
\nof debt forgiveness; other non-Pell Grant borrowers are eligible for up to
\n$10,000 of forgiveness. The president’s action will completely eliminate
\nstudent debt for millions of borrowers and reduce the outstanding balance for
\nmillions more. Borrowers of color are more likely to qualify for Pell Grants,
\nso this relief is an important step toward addressing generational wealth
\ninequality.<\/p>\n
“The president’s announcement is the most far-reaching
\nin a long list of actions taken by the Biden administration to support student
\nborrowers, reform the federal student loan system, and make our nation’s
\ncolleges and universities more affordable.<\/p>\n
“To date, this administration has approved $32 billion
\nin loan forgiveness for about 1.6 million borrowers nationwide who have worked
\nin public service, attended institutions engaged in fraudulent practices, and
\nmore. Borrowers across Oregon are benefiting from this proactive approach to
\naddressing the student debt crisis. The Department of Education’s Public
\nService Loan Forgiveness (PSLF) waiver identified 2,050 Oregonians holding
\n$120.2 million in federal student loans for forgiveness. The department also approved
\n$102.5 million in loan forgiveness for an additional 8,650 Oregon borrowers who
\nwere defrauded by the predatory and misleading tactics of Corinthian Colleges,
\nInc. The department also provided forgiveness of outstanding student loan debt
\nheld by 2,090 Oregon borrowers who attended the predatory institution ITT Tech
\nbetween 2005-2016. These three actions alone amount to nearly $260 million in
\nfinancial relief for Oregonians.<\/p>\n
“Congress must now pursue targeted policies that build
\non the Biden administration’s actions to support borrowers and address
\nlong-term college affordability. I have introduced and am working to pass
\nseveral bills that will make college more affordable for students before,
\nduring, and after their education, especially for the most vulnerable and
\nmarginalized students.<\/p>\n
\u2022 My SIMPLE Act would make it easier for more borrowers to
\naccess income-driven repayment plans to minimize their monthly student loan
\npayments upon completing their education. This will complement the Biden
\nadministration’s recent proposed rule to improve income-driven repayment.<\/p>\n
\u2022 My Opportunities for Success Act would make the federal
\nwork study program more generous, target students with financial need, improve
\naccess to meaningful career-related work experience for students, and provide
\nincentives to colleges that focus on the academic and professional success of
\nlow-income students.<\/p>\n
\u2022 My Student Loan Borrower Safety Net Act would protect
\nborrowers with federal student loans following the end of the student loan
\nrepayment pause by simplifying borrowers’ ability to enroll in income-driven
\nrepayment plans, increasing access to economic hardship support, improving
\noutreach to borrowers regarding the resumption of payments, and providing a
\nlonger grace period for borrowers who miss a payment.<\/p>\n
\u2022 My Students and Young Consumers Empowerment Act would
\nleverage the Consumer Financial Protection Bureau to protect student borrowers
\nand provide relevant and timely information about the student loan marketplace.<\/p>\n
\u2022 I also enthusiastically supported a historic increase to
\nthe Pell grant in the fiscal year 2022 enacted budget and a proposed increase
\nin fiscal year 2023 budget.<\/p>\n
“I remain committed to working with Secretary Cardona
\nand my colleagues in Congress to provide all eligible borrowers with the relief
\nthey need to thrive. And I look forward to continuing our work to improve
\naccess to affordable, high-quality higher education.”<\/p>\n
Sen. Jeff Merkley:<\/b><\/p>\n
“As the son of blue-collar parents and the first in my
\nfamily to graduate from college, I know firsthand that affordability is a huge
\nfactor in whether middle-class students believe there is a path for them to
\npursue their dreams through higher education. And I know that for many
\nlow-income students who graduate with enormous debt, that debt is a burden that
\naffects job opportunities, home ownership, starting a business, and plans for
\nmarriage or for starting a family.<\/p>\n
“Thus, I strongly support President Biden’s decision to
\nextend the pause on loan repayment and to cancel $10,000 of debt for the
\nmajority of borrowers, and up to $20,000 for Pell grant recipients. This
\ndecision will eliminate or reduce college debt for millions of Americans,
\nimproving opportunities, and stimulating our economy. This is welcome news!<\/p>\n
“While I applaud this action, let’s view it not as a
\nsolution for college debt, but as a down payment on the solution, a catalyst
\nfor further reforms. For every American child to have the opportunity to
\nthrive, we must make college an affordable option for all. I will continue to pursue
\nmore sweeping reforms, from free community college tuition to legislation like
\nmy Affordable Loans for Any Student Act that guarantees affordable, simple
\nincome-based repayment plans for any federal loan borrower. Affordable college
\nfor every student will produce a more prosperous future for all.”<\/p>\n
Sen. Ron Wyden, via Twitter:<\/b><\/p>\n
“Pursuing an education shouldn’t land you in financial
\nhandcuffs. This is great news for every American being forced to make hard
\ndecisions between paying off their student loans and putting food on the table.
\nI’ll continue pushing for student debt relief at every turn.”<\/p>\n<\/p>\n
<\/p>","protected":false},"excerpt":{"rendered":"
Edited statements from Rep. Suzanne Bonamici, Sen. Ron Wyden and Sen. Jeff Merkley about their reactions to President Joe Biden’s Aug. 24 announcement about targeted forgiveness for student loans: Bonamici sits on the House higher education subcommittee and has worked on the issue for years. Rep. Suzanne Bonamici: “The Biden administration’s historic decision to forgive […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-2010","post","type-post","status-publish","format-standard","hentry","category-in-the-news"],"acf":[],"yoast_head":"\n