In response to today’s release of draft rules for President Biden’s student debt relief plan, Sameer Gadkaree, President of The Institute for College Access & Success (TICAS), issued the following statement:
“We applaud the Biden-Harris Administration’s proposal to ease the burden of student debt for millions of struggling borrowers, including those whose loan balances have ballooned due to interest charges, those who have been in repayment for at least two decades, and those who enrolled in a program that provided little financial value.”
“Today’s proposals are part of an ongoing acknowledgement that our debt-financed higher education system fails to provide a reliable path to financial security for too many students—and that repayment protections have been insufficient and too difficult to access.”
“We look forward to forthcoming details on how the Administration plans to help borrowers facing acute financial hardship, and we urge the Administration to provide borrowers with clear, consistent information about how these proposals will affect them.”
“Alongside relief for current borrowers, policymakers must protect students from college programs that will leave them worse off and, ultimately, stop the debt pile-up by investing in college affordability to ensure students, especially those with high financial need, don’t need to borrow to earn a degree.”
