On Wednesday, August 24th, 2022 President Biden made his announcement on his plans for canceling student debt. This decision is the biggest step a president has ever taken to address the student debt crisis.
Here is Biden’s plan for canceling student debt 👇🏽
- $20,000 of student loan forgiveness for Pell Grant recipients
- $10,000 of student loan forgiveness for non Pell-Grant recipients
- Forgiveness only applies to those making less than $125,000
- Student loan pause extended one final time through December 31st, 2022
And this decision did not happen overnight. Thanks to the work of student debt advocates, many of them in the Alliance for Youth Action network, and people like you, we put the pressure on the Biden Administration to take action. Over the past year we have attended rallies, signed petitions, shared our student debt stories, and even met with the Biden Administration. Organizing works! 🎉
But let’s be clear. $10k is not enough to address the racial wealth gap exacerbated by the student debt crisis, and the income cap will add a burdensome hurdle for borrowers to prove their earnings. Let’s take a moment to celebrate, while continuing to pressure Biden to dream bigger than $10k.
Tell Us What This Means For You
We’ve collected stories and heard first hand from people what canceling student debt would mean to them. After President Biden’s announcement today, we want to hear what this means for you! What are your feelings on Biden’s current cancellation plan? Why do you think $10K isn’t enough? What would more relief do for you?
Tell us on social media!
Read Our Statement
While we are pleased with President Biden’s decision, canceling some student debt is just the start of building a higher education system for all. In our Dreams Not Debt campaign, we are calling for all student debt to be canceled, a reform of the student loan program, and free college for all.
This is a major step in the right direction and there is still a lot of work to do to ensure all people can pursue higher education free from student debt. Today, we celebrate and tomorrow, we keep pushing forward.