Congressman Sires’ Statement on the Biden Administration’s Student Debt Forgiveness Plan

(Washington, D.C.) – Congressman Sires released the following statement on President Biden’s announcement regarding student debt forgiveness:

“I applaud President Biden’s action today to address the immense burden of student debt by canceling up to $10,000 in federally held loans for borrowers making under $125,000, and up to $20,000 for Pell Grant recipients. The Administration has also extended for a final time the moratorium on student loan repayment to December 31, 2022. These measures will provide relief to millions of individuals who for too long have been struggling to repay the significant debt they took on for their educations. Today’s actions will impact approximately 43 million borrowers, a reflection of the far-reaching positive impact this decision will have in communities across the country. This targeted decision is aimed to benefit mostly low-and middle-class families, those most financially constrained by soaring student debt.

For too long the cost of a college education, once an attainable goal for many Americans, has skyrocketed, putting a four-year college program out of reach for some of today’s students. Congress must do more to address these rising costs, and expand the options for continuing education outside of four-year programs. While the Biden Administration’s announcement is welcome news for millions of borrowers, there is much more work to be done to ease the severe financial burdens of seeking an education.”