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This week’s decision by President Biden to cancel up to $20,000 in student debt is undoubtedly a victory for our movement.
While we maintain that POTUS can and should cancel ALL student debt, there is no question that millions of Americans saddled with predatory loans received a lifeline this week.
To put it simply, as our own Rashida Tlaib said, it’s a BFD.
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Here are some of the details you may have missed in the media coverage (and the right-wing complaining) about this bill:
Pell Grant recipients earning less than $125,000 are eligible for up to $20,000 in debt cancellation.
Other borrowers earning less than $125,000 are eligible for up to $10,000 in debt cancellation.
Anyone with loans for undergraduate degrees will have their payments capped at 5% of their monthly income (down from 10% before).
Borrowers with debts from over 150 for-profit colleges are eligible to have their loans forgiven ENTIRELY. You can check here to see if your school is on the list.
The pause on federal student loan repayments has been extended to December 31, 2022.
There is no question that this will transform the lives of millions of Americans – but we can’t stop here.
This policy only wipes out a portion of the remaining debt for most borrowers, many of whom have already paid far more than the value of their original loan with decades of payments remaining.
And the current extension on federal loan repayments is said to be the last extension the administration will authorize.
John, we need to make it clear to Congress and to President Biden that canceling ALL student debt remains a top priority for our movement. Can you take a moment to answer our short survey to share what student debt cancellation will mean for you?
Here’s the first question:
Do you think some or all student loans should be forgiven?
YES [[link removed]] NO [[link removed]]
This is just the beginning, John. Congress has got to step up and finish the job. And that means electing more progressives who will fight for FULL cancellation of ALL student debt – plus tuition free public colleges and trade schools for the next generation of students.
This week’s decision was made possible by the thousands of organizers, activists, and advocates who kept up the pressure on the President to deliver on his campaign promises.
But we know we can and must do more. Please add your voice by sharing your experience with student loans. [[link removed]]
In solidarity,
The entire team at Brand New Congress
Take the survey >> [[link removed]]
Since 2016 BNC has led the way in advancing popular policies like Medicare for All and the Green New Deal. We invest EARLY to help grassroots candidates succeed. We recruited and elected AOC in 2018 and Cori Bush in 2020 alongside Jamaal Bowman and Rashida Tliab. And we have our first win of 2022: Rep. Sheila Cherfilus-McCormick won her primary by FIVE votes thanks to BNC.
We have elections from now until November, and our candidates are counting on your support. Pitch in today and join us as we take over Congress and return power to the people.
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