Boston (August 24, 2022) – Senator Edward J. Markey (D-Mass.) issued the following statement after President Biden announced the cancellation of $10,000 in federal student loans for qualified borrowers, the cancellation of $20,000 in student loans for Pell Grant recipients, and the continued extension of student loan repayments through the end of 2022:

“For many Americans, the promise of higher education is dragged down by the burden of overwhelming student debt. Today, tens of millions of Americans with student loan debt are breathing a sigh of relief thanks to President Biden’s decision to cancel $10,000 in debt for borrowers across the country, cancel $20,000 in debt for Pell Grant recipients, and extend the student loan repayment pause for all borrowers through the end of the year as families get back on their feet from the economic strain caused by the COVID-19 pandemic.

“Today’s action by the President relieves a significant burden saddling the household budgets of working- and middle-class Americans, and one that disproportionately affects borrowers of color who face an uphill and unequal challenge in debt repayment. As our economy regains steam as we emerge from the darkest days of the COVID-19 crisis, canceling billions of dollars in student debt will have a positive effect that will reverberate throughout our economy.  

“As we celebrate this important step toward economic equity for working families and communities of color, we look ahead to additional steps Congress and the Administration can take to buoy families who face the burden of debt. We must also lower the cost of higher education, so that no young person who seeks to grow their mind and their horizons through higher education is encumbered by daunting debt for years – and even decades – after their graduation.”