REPRESENTATIVE ADRIANO ESPAILLAT ANNOUNCES BENEFITS FROM HISTORIC STUDENT DEBT RELIEF
Eligible Individuals May Find Additional Information Here
NEW YORK, NY – Today, Representative Adriano Espaillat (NY-13) highlighted a new report from the U.S. Department of Education estimating that 2,258,800 borrowers across New York are eligible for help under the Biden Administration’s student debt relief plan. Last month, President Biden announced that the federal government will provide historic, targeted assistance to millions of working families - delivering up to $20,000 in debt relief for Pell Grant recipients and up to $10,000 for non-Pell borrowers.
“The Biden Administration’s visionary action of student debt relief is a vital step forward in our fight to ensure that individuals across America can get a quality education without taking on crushing amounts of debt,” said Rep. Espaillat. “More than 2 million borrowers across New York are now eligible for life-changing help. This historic relief will give working individuals more flexibility whether they’re getting ready to start a family or make a down payment on a house. Democrats will continue working to strengthen education at every level, from investing in our public schools to providing high-quality job training and affordable community college.”
The Biden Administration is delivering assistance to those making under $125,000 per year and couples making under $250,000 per year. Nearly 90 percent of relief dollars are being delivered to Americans making under $75,000 per year. By targeting relief to those who need it most, this effort helps to narrow the racial wealth gap. Pell Grant recipients make up nearly 71 percent of Black undergraduate borrowers and 65 percent of Latino undergraduate borrowers.
President Biden’s action builds on Congressional Democrats’ ongoing efforts to expand access to higher education. The American Rescue Plan invested nearly $40 billion to help colleges and universities keep down costs and support students – including substantial funding for Minority Serving Institutions. This year’s omnibus funding legislation increased the maximum Pell Grant by $400, and the recently-enacted CHIPS and Science Act delivered historic funding to strengthen STEM education in New York. Additionally, House Democrats recently introduced the Lower Obstacles to Achievement Now (LOAN) Act to further lower the cost of college and fix the country’s flawed student loan system.
To stay up to date on important dates related to the debt relief application, you may visit the US Department of Education website to sign up for updates.
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