Student Debt Cancellation Decision Nears…

Student Debt Cancellation Decision Nears…

June 23, 2022
By:  Freedom to Prosper Team

President Biden confirmed this week that a decision on student debt cancellation will likely be announced soon. Many insiders predict the announcement will happen in August alongside a set of policy recommendations for Congress to enact to make college more affordable for more Americans.

Biden also said another extension of the student-loan repayment moratorium is “on the table.” A further extension would be the seventh time since the beginning of the pandemic. The NAACP President stated, “If you can afford to pause student loan payments over and over again, you can afford to cancel it” and we couldn’t agree more.

Support for Student Debt Cancellation Growing

A new poll from NPR/Ipsos shows that national support for student debt cancellation is rising. While we fully support legislative action for full student debt cancellation, we applaud the Biden Administration’s incremental and impactful action on student debt relief. But further progress is needed to reduce the reliance on student loans altogether.

Make College Affordable Now

We need a roadmap for a student debt-free future. That includes doubling Pell Grants, resetting student loan interest rates to 0%, cancelling debt for Pell Grant recipients upon graduation, and so many more policies. There are salient ideas and smart solutions, but we need bold action now in order to reinforce our country’s promise and investment in our collective future.

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