Dear Friend,

Yesterday, President Biden announced that the federal government will be forgiving student loans up to $10,000 for borrowers earning less than $125,000 and up to $20,000 in student loan debt for Pell Grant recipients.

President Biden has also extended the pause on student loan repayments until December 31st of this year so that New Mexicans stretching tight budgets have some breathing room.

Find out more about how today’s news impacts you at Studentaid.gov. I also have some more information below!

Right now, the average New Mexican student loan borrower carries over $30,000 in debt, and our state has the second-highest rate of default in the country. To put this in perspective, President Biden just wiped away up to two-thirds of the average New Mexican’s student debt with the stroke of his pen.

I believe that all New Mexicans who want to achieve their dreams through higher education shouldn’t have to sign up for a lifetime of debt. And, we need to invest in apprenticeships and on-the-job training so that you don’t have to go to college to find dignified, well-paid work.

That’s why I have cosponsored the College for All Act (H.R.2730), legislation that would follow New Mexico’s lead by making public college tuition-free nationwide. I am also proud that the Bipartisan Infrastructure Law includes over $800 million in dedicated funding for job training, which includes paid apprenticeships and pre-apprenticeships.

How New Mexicans Can Receive Student Debt Relief

• Nearly 8 million borrowers may be eligible to receive relief automatically because relevant income data is already available to the U.S. Department of Education.
  
  
• If the Department of Education doesn't have your income data - or if you don't know if the U.S. Department of Education has your income data, the Biden Administration will launch a simple application in the coming weeks that I will be sure to pass along to you. You need to make sure to sign up for this newsletter so that message can reach you. You can do that by clicking here.

If you are struggling with your student loan repayments—or if you need help with housing, food assistance, veterans’ benefits or anything else—my office is here to help you. You can reach out to us at (505) 346-6781. Stay up to date by following us on Facebook, Twitter, or Instagram.

Sincerely,



Melanie A. Stansbury
Member of Congress