This fight is not over. I have more to announce when I address the nation this afternoon.
My administration’s student loan relief program would have been a lifeline for millions of hardworking Americans trying to recover from a once-in-a-century pandemic. Almost 90 percent of the relief from our program would have gone to borrowers making less than $75,000 a year, and none of it would have gone to people making more than $125,000. It would have changed the lives of millions of Americans and their families. And it would have been good for short-term and long-term economic growth.
The hypocrisy of Republican elected officials is astounding. They have no problem with billions in pandemic-related loans to businesses — including hundreds of thousands and sometimes millions of dollars for their own businesses. And those loans were written off. But when it came to providing relief to millions of hard-working Americans, they did everything they could to block it.
While today’s result is disappointing, we must not lose sight of the progress we have made in making historic increases to the Bell Grants; Debt forgiveness for teachers, firefighters and public servants; and creating a new loan repayment plan so no one who took out an undergraduate loan would have to pay more than 5 percent of their discretionary income.
I believe the court’s decision to stop our student loan relief program was wrong.
But I will stop at nothing to find other ways to provide relief to hard-working middle-class families. My administration will continue to work to bring the promise of higher education to every American.
Later today, I will provide more details on what my administration has done to help students and the next steps my administration will take.