BOSTON (WBZ NewsRadio) — Massachusetts Representatives Senator Ed Markey and Senator Elizabeth Warren made statements in support of President Biden's announced for student loan relief for borrowers who need it most on Wednesday.
Senator Warren referred to Wednesday as a "day of joy and relief" following President Biden's announcement, saying it could help as many as 43 million Americans.
“The President has taken a powerful step to help rebuild the middle class. Americans making less than $125,000 a year will receive up to $20,000 in student loan forgiveness, transforming the lives of working people all across this country,” Senator Warren said in a statement.
Senator Markey stated that tens of millions of Americans with student loan debt are breathing easier after President Biden's announcement. For many Americans, achieving higher education is difficult due to the burden of overwhelming student loan 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," said Senator Markey in a statement.
Senator Markey said the President's decision will relieve a significant financial burden for household budgets of working-class 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," Senator Markey said.
Senator Warren agrees with this statement, saying student loan debt has held millions of Americans back. She says cancelling the debt will provide financial relief to Americans who have been paying back student debt for over twenty years, as well as seniors who have seen their Social Security checks garnished because of falling behind on loan payments.
"With the President's action, millions of workers—educators; municipal employees; auto workers; food and retail workers; flight attendants; medical workers; care workers; and many more—will breathe a little easier knowing this burden will be lifted," Senator Warren said. "Because Black Americans borrow more money to go to school, borrow more money in school and have a harder time paying their debt off after school, the President’s action will also help narrow the racial wealth gap in the United States among borrowers.”
While Senator Markey is celebrating, calling this an achievement toward economic equity for working families and communities of color, he looks ahead to additional steps Congress and the Administration can take.
"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,” Senator Markey said.