Progressives Say Biden Student Debt Plan ‘A Good Start, But Not Enough’

After years of activist organizing, U.S. President Joe Biden on Wednesday announced a plan to cancel $10,000 to $20,000 in federal student loan debt per borrower, a move that drew both praise and admonition from progressives—many of whom want to erase $50,000 or even all educational debt.

Biden tweeted that in order “to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023,” his administration will forgive $10,000 in student loan debt for borrowers who attended college without Pell Grants and who earn less than $125,000, or $250,000 as a household. Borrowers who received Pell Grants will have $20,000 in debt erased.

Additionally, the plan will cap interest for current and future loans at 5% of a borrower’s income, half of the current rate.

The president—who said he would discuss details of the plan at a Wednesday afternoon press briefing—also said that the pause on student loan repayments, first put in place during the early months of the Covid-19 pandemic, would have extension one final time through the end of the year.

“Today, with President Biden’s announcement, 12 million American borrowers have had their educational debts erased, and millions more will be able to celebrate substantial cancellation that eases the indignity that predatory student loans have had on their lives,” Melissa Byrne, executive director of the advocacy group We The 45 Million, said in a statement.

“This is a historic first step—establishing the clear authority that the president has to cancel student debt—but this should just be the beginning,” Byrne added. “Now, the movement for higher education justice kicks into high gear. We need Congress to send President Biden a bill for free public college and to cancel the outstanding student loan debt that smothers the future of far too many Americans.”

Moreover, Democratic lawmakers welcomed Biden’s announcement, with Congressional Progressive Caucus Chair Pramila Jayapal (D-Wash.) calling the president’s plan “a massive step in the right direction.”

“While not as high as we called for, this crucial step from the president keeps his campaign promise,” Jayapal continued.

Sen. Elizabeth Warren (D-Mass.) tweeted that “today is a day of joy and relief,” calling Biden’s move “a powerful step to help rebuild the middle class” that “will be transformative for the lives of working people all across this country.”

Furthermore, anti-poverty activist Joe Sanberg tweeted that “any form of broad cancellation is proof that he can cancel it all. We must keep the pressure on for full cancellation and tuition-free college to make higher education accessible and equitable for all.”

Originally published at Commondreams.org.