President Biden's decision to cancel up to 20-thousand-dollars in student loan debt has the support of Rhode Island Senator Jack Reed.
He says the President is keeping his word to relieve the student debt burden for those with the highest economic need.
“ It will help them make ends meet and keep economic recovery going. While it alleviates the problem, it doesn’t solve it. Bipartisan action is needed to reform the regulations and student loan servicing systems that have contributed to skyrocketing student loan debt. The President’s latest move will help borrowers who were harmed the most under the old rules. Reducing the burden of student debt helps individuals pay for college and participate in the economy. Businesses need a well-educated workforce, young adults need to be able to afford to start families of their own, and communities benefit from increased economic productivity,” said Reed. “Rising student debt has limited opportunities for recent generations. This student debt relief will make a big difference for young people and expand economic opportunity. It delivers a stronger return on investment than Trump tax giveaways which only benefited the extremely wealthy. We need to work together on long-term reforms so future generations of students aren’t also buried under a mountain of debt. Republicans should work with us to make college more affordable, including doubling Pell Grants and incentivizing states and universities to do their share to bring down costs.”
Republicans in Congress continue to say that the move is unneeded and will lead to even more inflation.
Reed describes the offer as a lifeline for students and to keep the economic recovery going.
(Photo by Paul Morigi/Getty Images for We the 45m)