Student Debt Relief Initiative

Floor Speech

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Mrs. McCLELLAN. Mr. Speaker, I rise today to oppose House Republicans' extreme attempt to roll back President Biden's one-time emergency student debt relief initiative.

This bill would undoubtedly jeopardize the financial well-being of millions of Americans. This bill is cruel and would rescind life- changing debt relief of up to $20,000. Ninety percent of Americans who are eligible to receive this relief earn less than $75,000 per year.

The bill would also repeal the student loan payment pause and force borrowers to unexpectedly confront months of accumulated payments and interests. Forty-three million borrowers have benefited from the pause and saved on average $150 per month in interest. At a time when tuition continues to rise exponentially, countless students and graduates are being crushed by tens of thousands of dollars in student loan debt.

President Biden's cancellation would be transformative for millions of Americans who sought to build intergenerational wealth and improve their economic circumstances through education. While House Republicans try to make it harder for young Americans to survive, my Democratic colleagues and I will continue to fight for much provided relief.

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