[Congressional Record Volume 170, Number 59 (Monday, April 8, 2024)]
[Senate]
[Page S2630]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           STUDENT LOAN DEBT

  Mr. SCHUMER. Madam President, now on student loan debt, since the day 
the President took office, I have urged him to use every tool available 
to cancel as much student debt as possible. Yesterday, the American 
people received some exciting news. President Biden, to his credit, 
announced a new Executive action to provide student debt relief to 
nearly 30 million more Americans. Specifically, the President's plan 
will automatically forgive interest accrued on existing student loans 
for 25 million borrowers. The President's plan will also automatically 
cancel the full amount of debt for over 4.5 million Americans who have 
already qualified for forgiveness through a decade in a repayment 
program, and it will provide more than 10 million borrowers with at 
least $5,000 in debt relief.
  This announcement is a clear sign that the President is listening. He 
is listening to Congress's call to take action, which I have done for 
years, and he is listening to the pleas of millions of borrowers who 
want to get their lives back on track. So today's announcement is good 
news. It is good news for everyone, particularly for young people and 
people of color. Democrats will continue exploring every option under 
the Sun to lower costs and make college more affordable.
  Already, the President's plan has removed the total debt burden for 
over 4 million Americans. This plan goes much further. But, on the 
other hand, unfortunately, our Republican colleagues continue to oppose 
student debt relief and have wrapped their arms firmly around the MAGA 
Supreme Court's cruel decision to block student debt cancellation for 
millions of Americans, and Democrats are going to make sure the 
American people won't forget it.

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