Today, the Biden Administration announced that the U.S. Department of Education will provide $10,000 in student debt cancellation for qualified borrowers making less than $125k per year for individuals or under $250k for married couples or heads of households. Pell Grant recipients will be eligible for up to $20,000 in debt relief. Following this announcement, Rep. Ruben Gallego (AZ-07) released the following statement.
Statement from Rep. Ruben Gallego:
"Today, President Biden once again stood up for hardworking American families by announcing that he will forgive $10,000 of federal student loan debt per borrower. Forty-seven percent of Arizona college graduates are carrying student debt, a burden that weighs heavy on young people who are trying to start families or small businesses, buy their first home, or plan for their financial future.
Today's historic action will provide immediate relief to hundreds of thousands of Arizonans who have student debt, including many Black, Latino, and first-generation college students. I applaud President Biden for taking this courageous step that will put hundreds of dollars a month directly into the pockets of millions of Americans, and I look forward to continuing to work with him to reduce the burden of Americans' student debt and make college more affordable."
Rep. Ruben Gallego is a Marine Corps combat veteran who served in Iraq. He serves on the House Armed Services Committee, the House Natural Resources Committee, and the House Committee on Veterans' Affairs.