McEachin Applauds Biden Administration's Decision to Cancel Student Loans

Statement

Today, Congressman A. Donald McEachin (VA-04) issued the following statement after President Joe Biden announced his student loan cancellation plan:

"President Biden's decision to cancel $10,000 in student loans for most borrowers and $20,000 for Federal Pell Grant recipients is incredibly welcomed news. Too many Americans across our nation struggle under the weight of burdensome student loan debt. Today, the Biden-Harris administration is following through on another campaign promise and taking historic action to deliver relief to millions of middle-class Americans.

"The pursuit of higher education should afford hard-working Americans more opportunity and increased economic mobility. Unfortunately, the rising costs of a post-secondary education are proving prohibitive, and the resulting student loans are posing immense financial challenges on younger Americans. Furthermore, student debt disproportionately impacts Black Americans and contributes to the racial wealth gap.

"This cancellation of student debt is a win for Americans, and it represents another important stride toward achieving greater racial, social, and economic justice in our nation. It is a historic first step, but we cannot stop here. Congress must build on this momentum and take action to cancel additional student loan debt and provide further relief to Americans."

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