FOR IMMEDIATE RELEASE
February 21, 2024
Contact: Natalia Abrams (SDCC)
(310) 365-1069
STATEMENT: The Student Debt Crisis Center Applauds Biden Administration’s Student Debt Cancellation for Low-Balance Borrowers Under The SAVE Plan
(Washington D.C.) – The Student Debt Crisis Center (SDCC) applauds today’s announcement of expedited cancellation by the Biden Administration and Education Department for thousands of low-balance borrowers under the SAVE plan.
With thousands of borrowers receiving letters today confirming their debt will be canceled, it is a reminder of the hard work and dedication of advocates, policymakers, and elected officials to this movement and to see millions of Americans receive relief. Borrowers receiving debt cancellation will have more money in their pockets to invest in their households, save for their future, buy homes, raise families, and more. As a founding partner of the SAVE on Student Debt Campaign, SDCC welcomes the news of expedited cancellation starting to roll out for these low-balance borrowers.
"Today’s announcement represents how important the issue of student debt is for millions of Americans. This news will put money back into the pockets of everyday people and highlights the work that policymakers, advocates, and others are doing to make this relief possible today,” said Natalia Abrams, President of the Student Debt Crisis Center. “Low-balance borrowers are finally getting the relief they deserve. Student debt cancellation results in freedom from a financial burden that has weighed thousands of borrowers down. This is more proof that student debt cancellation is the path forward to achieve an affordable higher education system in this country again."
This achievement represents the efforts of so many that should be celebrated and serve as a reminder of why the fight for widespread student debt cancellation must continue. These victories are signs we are on the right path and that student debt cancellation is at the forefront of issues Americans care most about. While today millions of dollars of debt will be canceled for thousands of borrowers, there are still millions more in need of and waiting to receive relief. At SDCC, we promise to continue fighting for an end to this crisis but we are nonetheless optimistic about the future.
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Student Debt Crisis Center (SDCC) is a non-profit organization centering the needs and voices of borrowers and partnering with allies to impact public policy and end the student debt crisis. The center works directly with borrowers to help them navigate the bewildering and frustrating loan repayment system and advocates for lasting and meaningful change. It leads a people-powered movement representing over 2 million supporters. Learn more at www.studentdebtcrisis.org and follow SDCC on Twitter at @DebtCrisisOrg.