Group Calls on Biden to Enact “Plan B” Debt Relief Effort Swiftly and Efficiently
March 7, 2024 | WASHINGTON, D.C. — Today, in his State of the Union address before the United States Congress, President Biden acknowledged the importance of delivering life-changing student loan debt relief.
Over the last three years, the Biden Administration has utilized various authorities to help millions of student loan borrowers and their families from the crushing weight of the student loan debt crisis. As a result, nearly $138 billion in student loan debt has been cancelled for almost 3.9 million Americans.
In response, Student Borrower Protection Center (SBPC) Executive Director Mike Pierce issued the following statement:
“The Biden Administration has now cancelled the most student loan debt in American history. Behind these numbers are real-life Americans whose lives have been changed for the better due to the Biden Administration’s efforts to tackle the student loan debt crisis. And while historic progress has been made, millions of borrowers continue to wait for much-needed relief. Each and every struggling student loan borrower deserves the chance to experience this same relief and financial freedom that comes with being debt-free.
“The Biden Administration must move quickly to finalize and deliver his new relief plan to build on this progress. The Supreme Court’s callous decision to rob 40 million Americans of debt relief has forced borrowers to wait long enough. President Biden must make clear that he is not bowing out of the fight to deliver debt relief to as many borrowers as possible.”
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About Student Borrower Protection Center
Student Borrower Protection Center (SBPC) is a nonprofit organization focused on eliminating the burden of student debt for millions of Americans. We engage in advocacy, policymaking, and litigation strategy to rein in industry abuses, protect borrowers’ rights, and advance racial and economic justice.
Learn more at protectborrowers.org or follow SBPC on Twitter @theSBPC.