WASHINGTON – June 30, 2023
President Joe Biden expressed disappointment today following the Supreme Court’s decision to strike down his Administration’s student debt relief plan. In a statement released earlier today, President Biden highlighted the importance of the plan and vowed to continue his efforts to provide relief to hard-working middle-class families.
“This fight is not over. I will have more to announce when I address the nation this afternoon,” President Biden stated.
According to the White House, Biden’s student debt relief plan aimed to serve as a lifeline for tens of millions of Americans seeking to recover from the economic impact of the once-in-a-century pandemic. Under the plan, nearly 90 percent of the relief would have been directed to borrowers earning less than $75,000 per year, with no assistance provided to those making over $125,000. The proposal promised life-changing benefits for millions of Americans and their families, while also stimulating short- and long-term economic growth.
President Biden expressed his frustration with what he called the “stunning hypocrisy” of Republican elected officials. He criticized their lack of opposition to billions of dollars in pandemic-related loans granted to businesses, including their own, which were eventually forgiven. However, when it came to providing relief to hard-working Americans burdened by student loan debt, the Republicans exerted every effort to impede progress.
“While today’s decision is disappointing, we should not overlook the progress we have made,” President Biden said. He highlighted achievements such as historic increases to Pell Grants, loan forgiveness for teachers, firefighters, and public servants, as well as the introduction of a new debt repayment plan, ensuring that individuals with undergraduate loans do not have to pay more than 5 percent of their discretionary income.
The President firmly disagreed with the Court’s decision to strike down his student debt relief plan and affirmed his unwavering commitment to finding alternative avenues to deliver relief to hard-working middle-class families. President Biden emphasized that his Administration will persist in its mission to make higher education accessible to every American.
Later today, President Biden is expected to provide further details on the actions taken by his Administration to assist students thus far, as well as outline the next steps they will undertake in pursuit of their goals.
In May, Speaker Kevin McCarthy declared the end of the student loan payment pause as part of a debt ceiling deal reached by the California Republican and President Biden. The announcement was made late on a Saturday night.
According to McCarthy, “The pause is gone within 60 days of this being signed. So that is another victory because that brings in $5 billion each month to the American public.” He shared these remarks during an interview with anchor Shannon Bream on “Fox News Sunday.”
McCarthy’s statement followed his agreement in principle with President Biden on Saturday night to establish spending limits and raise the debt ceiling.