Biden cancels up to $20,000 in federal student debt
Today is a day we have been working towards for a long time —
President Biden announced that he is forgiving up to $20,000 in federal student loan debt for Pell Grant recipients and up to $10,000 for anyone else with federal student debt making less than $125,000 per year.
This is an incredible step forward in our fight to end the debilitating student debt crisis impacting 45 million Americans. The pandemic pause in student loan repayment has shown us that this country can afford to forgive that debt. And with rising costs squeezing household budgets, now is the time to ensure that Americans get relief rather than resuming burdensome loan payments.
President Biden is delivering on a key campaign promise at a moment when Americans desperately need relief.
Before the 2020 election, debt cancellation was seen as a long-shot idea. Bernie Sanders and Elizabeth Warren deserve credit as early champions, and we knew it would be a tough path to victory. But the movement grew, led by friends like Reps. Ayanna Pressley and Ilhan Omar, and even Majority Leader Schumer! To have this become reality today, in 2022, is a testament to all the work activists have put in to teach, cajole, and convince people that this was not only possible but necessary for the American people. This victory is a reflection of progressives leading the way with bold demands, and then doing the work to build a broad movement to win.
But the work is not finished. We need to ensure that education is attainable for all Americans without leading to overwhelming debt. Today’s relief will drastically impact the lives and economic futures of up to 43 million current borrowers, but we will need to protect future borrowers from the rising costs of higher education. This executive action is just one piece of a complex puzzle — but we are on the right path.
To fight for future, bigger wins, we need to build the political power to get there.
When progressives stick to their values and organize to build political power, we can deliver wins like this one. If we can secure true majorities in November, we can stop MAGA Republicans in their tracks as they try to push us to a more extreme and unequal future. That includes issues like education, gun safety, marriage equality, abortion, and court integrity, to name a few.
It’s going to take all of us to spread the word about how Democrats are the party that delivers for working families, so we can stop MAGA Republicans from taking power in Congress. Indivisibles are organizing candidate bird-dogs, canvassing and voter contact events, and opportunities to call, text, and write to voters in key districts and races. If you’re ready to defeat the GOP and win this November, join Give No Ground today, and we can make sure victories like student debt relief become an everyday reality.
P.S. For more information about today’s announcement, click here to read an explainer from Biden and the Department of Education.