Progressives Cheer Student Loan Forgiveness

President Joe Biden's decision to forgive thousands of dollars in student loans for borrowers making less than $125,000 per year was met with praise from progressives, The Hill reports.

Sen. Elizabeth Warren, D-Mass., tweeted on Wednesday: "Thanks to President Biden, about 27 million borrowers—the majority of Americans with student debt—can get $20,000 canceled. For 20 million Americans, that will totally wipe out their entire balance. And everyone else will get a lower monthly payment. Truly transformative."

Rep. Chris Pappas, D-N.H., added, "This announcement by President Biden is no way to make policy and sidesteps Congress and our oversight and fiscal responsibilities. Any plan to address student debt should go through the legislative process, and it should be more targeted and paid for so it doesn't add to the deficit."

Natalia Abrams, the president of the Student Debt Crisis Center said in a statement that "today's announcement marks a historic moment in the long fight to end the student debt crisis. Broad-based student debt cancellation will free millions of Americans to invest in their futures, support their families, and contribute to their communities and the economy."

NAACP President Derrick Johnson said: "We've got a ways to go, but the NAACP is proud that we were able to push President Biden to exceed $10,000, bringing us closer to $50,000 and beyond. Monthly payments won't resume until 2023 and will be more manageable for many borrowers."

National Education Association president Becky Pringle said in a statement: "The additional relief for Pell Grant recipients ensures equity, and that the borrowers with the greatest need are not left behind. This will have a positive impact on America's educators and the students they serve. This is an encouraging step toward achieving the goal of broad student loan cancellation of at least $50,000 per borrower without means testing."

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