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Washington, D.C. — OCA-Asian Pacific American Advocates commends the Biden Administration on a big step towards cancelling student debt. The President’s student loan cancellation plan that was announced yesterday includes:
· $10,000 in individual debt relief for non-Pell Grant recipients;
· Additional $10,000 relief for Pell Grant recipients for individuals making under $125,000 a year (or families making under $250,000) – this is not granted to graduate student loans;
· Individuals with undergraduate loans could cap their repayment plan to 5% of their monthly income;
· And, a final pause on student loan repayments through December 31, 2022.
“Student loan debt has been a major barrier to equity for communities of color, including the Asian American and Pacific Islander community, so we are optimistic about this great step towards student loan cancellation,” said OCA-Asian Pacific American Advocates National President Linda Ng. “Receiving a higher education is one of the main values of AAPIs and of our country, yet the crippling student debt that results has impeded the economic success of graduates. With this Executive Order, the Biden Administration is providing low-income AAPIs the opportunity to work towards purchasing their first homes, start small businesses, and better provide for their families.”
“While we welcome the President’s plans to reduce student loan debt, we know that this is merely a band-aid in making higher education affordable and accessible to all American communities,” said OCA-Asian Pacific American Advocates Executive Director Thu Nguyen. “We know that the AAPI community is not a monolith, and that millions of Asian Americans, Native Hawaiians, and Pacific Islanders are low-income or live in poverty. Higher education is touted in America as a key to economic mobility, and we join our partners in calling on the Biden Administration and Congress must take further action to provide accessible and affordable college education.”
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