Statement from Vice President Kamala Harris on Additional Student Loan Forgiveness

President Joe Biden and the speaker (not specified in the text) are committed to providing relief to borrowers burdened by student loan debt, aiming to help them move forward in various aspects of their lives, such as starting a family, buying a home, or pursuing entrepreneurship.

A historic step has been taken by forgiving $39 billion in student loan debt. This relief is targeted towards 804,000 borrowers who have diligently paid down their debts for 20 years or more and meet the criteria for eligibility.

Many of these borrowers were placed in forbearance by loan servicers, which violated the rules and hindered their progress towards debt relief. Additionally, some borrowers did not receive appropriate credit for their monthly payments, further exacerbating their financial situation.

The speaker emphasizes that addressing harmful practices in the student loan system and reducing the burden of student loan debt has been a priority throughout their career.

As the California Attorney General, they successfully fought against predatory for-profit colleges, securing $1 billion in compensation for defrauded veterans and students. This demonstrates their commitment to protecting borrowers from exploitative practices.

The efforts to alleviate student loan debt will not stop here. Last month, President Biden announced an alternative path to provide relief through the Higher Education Act. This indicates ongoing commitment and active exploration of additional solutions to address the issue.

Furthermore, a new income-driven repayment plan has been finalized, which will reduce monthly payments by half for undergraduate loans. This plan aims to make the repayment process more manageable and ease the financial burden on borrowers.

The administration is determined to ensure that all Americans can access high-quality postsecondary education without facing overwhelming student loan debt. This commitment reflects their dedication to expanding educational opportunities while alleviating the financial strain associated with student loans.

Thank you