{"id":167657,"date":"2023-10-04T15:00:23","date_gmt":"2023-10-04T22:00:23","guid":{"rendered":"https:\/\/new.thepinetree.net\/?p=167657"},"modified":"2023-10-04T15:00:23","modified_gmt":"2023-10-04T22:00:23","slug":"president-biden-on-the-administrations-efforts-to-cancel-student-debt-and-support-students-and-borrowers","status":"publish","type":"post","link":"https:\/\/new.thepinetree.net\/?p=167657","title":{"rendered":"President Biden on the Administration\u2019s Efforts to Cancel Student Debt and Support Students and Borrowers"},"content":{"rendered":"<p>Washington, DC&#8230;Good afternoon.  Before I speak about student debt relief, I want to make \u2014 take a minute to talk about what took place yesterday in the Congress.  I\u2019ll be very brief.  The House will now reorganize and select a new Speaker.  I know it\u2019s going to take some time.  But I remind everyone: We had a lot of work \u2014 we have a lot of work to do, and the American people expect us to get it done. <\/p>\n<p><iframe loading=\"lazy\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/d7cAH_4gVL0\" title=\"President Biden Gives an Update on the Administration\u2019s Efforts to Cancel Student Debt\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/p>\n<p>The argument we reached was about what \u2014 what comes next, but we had an agreement \u2014 we reached an agreement over the weekend \u2014 funds for government, only another 40 days.  We cannot and should not again be faced with an 11th-hour decision of brinksmanship that threatens to shut down the government. <\/p>\n<p>And we know what we have to do.  It will be \u2014 and we got \u2014 we have to get it done in a timely fashion. <\/p>\n<p>More than anything, we need to change the poisonous atmosphere in Washington.  I know we have strong disagreements, but we need to stop seeing each other as enemies.  We need to talk to one another, listen to one another, work with one another.  And we can do that.<\/p>\n<p>I join with Minority Leader Jeffers \u2014 Je- \u2014 excuse me \u2014 Jeffries in saying to our Republican colleagues: We remain committed to working in a bipartisan fashion.  We \u2014 we\u2019re prepared to do it as well, for the good of the American people. <\/p>\n<p>Twice in the last six months, both houses came together on a bipartisan basis \u2014 once to avoid default, once to keep the government open.  And while we should never have been in the situation in the first place, I\u2019m grateful that leaders on both sides came together, including former Speaker McCarthy, to do the right thing.  <\/p>\n<p>Now, turning to student debt relief.  When I ran for President, I vowed to fix our broken student loan program.  Because while a college degree is still the ticket to a better life, that ticket has become excessively expensive.  Americans who are saddled with unsustainable debt in exchange for a college degree has become the norm. <\/p>\n<p>Since, my administration has taken significant action to provide student debt relief to as many borrowers as possible as quickly as possible.  That starts with making sure the existing system works in the way it was supposed to work for student borrowers.  <\/p>\n<p>We fixed what\u2019s called the Public Service Loan Forgiveness program, which was designed originally to make sure schoolteachers, firefighters, social workers, and other public servants can get their student loans forgiven if they make 10 years of payments and do 10 years of public service. <\/p>\n<p>By the time I took office, that program had been placed for \u2014 in place for nearly 15 years, but because of red tape, only 7,000 borrowers had been helped. <\/p>\n<p>Well, today, thanks to the reforms, more than 700,000 borrowers have had their debts forgiven. <\/p>\n<p>Just the other day, I spoke with Tanya and Chad, a married couple in their 50s who both work at a public high school in Milwaukee.  For years, they paid over $800 a month toward their student loans.  It meant they couldn\u2019t pay \u2014 put away any money away for their retirement.  And this summer, thanks to fixes we made to the debt relief program for people in public service, Chad and Tanya\u2019s remaining balance was forgiven. <\/p>\n<p>Tanya said, quote, \u201cThe amount of relief this gives us is indescribable.\u201d  End of quote.  Now they can finally start savings for retirement.  <\/p>\n<p>Next, we fixed what\u2019s called the Income-Driven payment \u2014 Repayment program.  And here\u2019s how that works: If you have an undergraduate loan after 20 straight years of straight paying \u2014 not missing \u2014 paying a debt on a \u2014 on a monthly basis, whatever is left of your loan is forgiven at 20 years. <\/p>\n<p>But because of administrative failures, some people who did pay their loans for 20 years or more did not get the debt relief they had earned.  We fixed that and made sure borrowers got credit for every single payment they made.  <\/p>\n<p>As a result of these changes, today I\u2019m announcing my administration has approved an additional $9 billion in relief for 125,000 borrowers in just the past few weeks under that program.  With the latest debt cancel- \u2014 cancellation, in total, my administration has canceled $127 billion in student debts for nearly 3.6 million Americans. <\/p>\n<p>This kind of relief is lifechanging for individuals and their families, but it\u2019s good for our economy as a whole as well. <\/p>\n<p>By freeing millions of Americans from the crushing burden of student debt, it means they can go and get their lives in order.  They can think about buying a house.  They can start a business.  They can be starting a family.  This matters.  It matters in their daily lives.<\/p>\n<p>This latest progress builds on other steps we\u2019ve taken.  We made the largest increase in Pell Grants in over a decade, helping students of families making less than $60,000 a year get to college.  We\u2019ve made additional improvements to the Income-Driven Repayment program.<\/p>\n<p>Before I took office, student borrowers would pay no more than 10 perc- \u2014 could pay no more than 10 percent of their discretionary income on a monthly basis if they wanted to do it that way.  But under my administration\u2019s plan, which is called SAVE Plan, we reduced that to 5 percent for undergraduate borrowers.  It\u2019s now the most generous repayment program ever. <\/p>\n<p>Under this plan, no one with an undergraduate loan today or in the future, whether at a community college or a four-year college, will have to pay more than 5 percent of their discretionary income to repay these loans.  This in- \u2014 that\u2019s income after you pay for necessities like housing, food, and other necessaries. <\/p>\n<p>You can sign up for the SAVE Plan at StudentAid.gov\/SAVE.  StudentAid-dash-gov-sla- \u2014 StudentAid-dash- \u2014 StudentAid.gov\/SAVE.<\/p>\n<p>And remember, if you keep up your payments, after 20 years, whatever is left in those loans is forgiven.<\/p>\n<p>And we\u2019re still not done.<\/p>\n<p>As you might remember, last year I announced a major proposal for student debt relief.  We were on the verge of providing more than 40 million Americans with real relief from their student debt.  The money was literally about to go out the door, but Republicans el- \u2014 and elected \u2014 Republican elected officials and special interests stepped up and sued us. <\/p>\n<p>And the Supreme Court sided with them, snatching from the hands of millions of Americans thousands of dollars in debt \u2013student debt relief that was about to change their lives.<\/p>\n<p>As I said at the time, I believe the Court\u2019s decision to strike down my student debt relief program was wrong.  But I promised I wouldn\u2019t give up. <\/p>\n<p>Since then, my administration has been pursuing a new approach grounded in \u2014 under a different law: the Higher Education Act. This act allows the Secretary of Education to compromise, waive, or release loans under certain circumstances. <\/p>\n<p>Last week, the Department of Education took a critical step in this process by identifying specific challenges that borrowers face in the current system so we can move forward with a new rule to address these changes.<\/p>\n<p>For example, there are many borrowers who have made payments for many years, but because of interest, they still owe more than they originally borrowed.<\/p>\n<p>My administration is doing everything it can to deliver student debt relief to as many as we can, as fast as we can.  This in contrast to House Republicans, who helped block the previous debt relief plan and nearly shut down the government over the extreme demands, which would have hurt hardworking families.<\/p>\n<p>But they had no problem with the Paycheck Protection Program \u2014 remember that? \u2014 the PPP program during the \u2014 during the \u2014 the last several years? \u2014 which was designed to help business owners who lost money, which is legitimate, because of the pandemic.  Members of Congress got over hundreds of thousands of dollars in order \u2014 because they lost \u2014 their businesses lost money. <\/p>\n<p>That wasn\u2019t a wor- \u2014 it was a worthy program.  But let\u2019s be clear: Some of the same elected Republicans who are members of Congress who were strongly opposed to giving relief to students got hundreds of thousands of dollars of relief for themselves to keep their businesses open.  Several members of Congress got over a million dollars, and all those loans were forgiven.  The hypocrisy of this, I find stunning.<\/p>\n<p>I supported that program, and I support the student debt program. <\/p>\n<p>My administration will continue to use every tool at our disposal to help ease the burden of student debt so more Americans be f- \u2014 can free \u2014 can be free to achieve their dreams. <\/p>\n<p>It\u2019s good for our economy, it\u2019s good for our country, and it\u2019s going to change their lives. <\/p>\n<p>Thank you very much.<\/p>\n<p>Q    Mr. President, a quick question on Speaker McCarthy, if I can?  Speaker McCarthy \u2014 then-Speaker McCarthy said that the two of you haven\u2019t spoken directly in a long time.  Why is that?  And are you committed to engaging more regularly with the next House Speaker?<\/p>\n<p>THE PRESIDENT:  We had two agreements we shook hands with \u2014 on.  And I assumed he was working with \u2014 I knew he was working with the Democrats in the House and Senate.  It wasn\u2019t for me to do anything.  If he wanted to talk to me, I was available.  I\u2019m available to whomever wants to talk to me.  But the idea that I was going to somehow convince McCarthy to change his view was not reasonable.<\/p>\n<p>Q    Could I ask you about the Ukraine (inaudible)?  Does the disarray on Capitol Hill after your conversation with allies yesterday worry you that you won\u2019t be able to deliver the aid that the U.S. has promised to Ukraine?<\/p>\n<p>THE PRESIDENT:  It does worry me, and \u2014 but I know there are a majority of members of the House and Senate in both parties who have said that they support funding Ukraine. <\/p>\n<p>With your \u2014 I\u2019m going to be announcing very shortly a major speech I\u2019m going to make on this issue and why it\u2019s critically important for the United States and our allies that we keep our commitment.<\/p>\n<p>Q    Mr. President, are you also concerned about the rest of your domestic and foreign policy initiatives being in peril because of what we saw happen yesterday?  The dysfunction in Congress, the chaos that we saw on the House side, does that concern you in any way?<\/p>\n<p>THE PRESIDENT:  The dysfunction always concerns me.  The programs that we have argued over, we passed bipartisanly \u2014 I\u2019m not concerned that they\u2019re going to all of a sudden come in and try to undo them.  Although there will be some \u2014 there will be some, I\u2019m sure.  There is a half a dozen or more extreme MAGA Republicans \u2014 Republicans who would like to eliminate despite everything I\u2019ve done.  But I \u2014 I don\u2019t think that\u2019s going to get there. <\/p>\n<p>Q    Mr. President, if I may, without additional funding, how long will the United States be able to support Ukraine?<\/p>\n<p>THE PRESIDENT:  We can support Ukraine in the next tranche that we need.  And there is another means by which we may be able to find funding for that.  But I\u2019m not going to get into that now.<\/p>\n<p>Q    Mr. President, have you promised President Zelenskyy ATACMS for Ukraine? <\/p>\n<p>THE PRESIDENT:  Say again?  I\u2019m sorry.<\/p>\n<p>Q    Have you promised President Zelenskyy during his visit in the White House that you would provide ATACMS, the long-range missiles, for Ukraine? <\/p>\n<p>THE PRESIDENT:  I have spoken with Zelenskyy, and everything he\u2019s asked for, we\u2019ve worked out. <\/p>\n<p>Q    Tell us a little bit more \u2014 tell us a little bit more about this speech you\u2019re going to give.  What argument are you going to make?<\/p>\n<p>THE PRESIDENT:  (Laughs.)  Why don\u2019t you wait and listen to it? <\/p>\n<p>I\u2019m going to make the argument that it\u2019s overwhelmingly in the interest of the United States of America that Ukraine succeed.  And it\u2019s overwhelmingly in our interest \u2014 I\u2019ve spent two and a half years putting together coalitions that no one thought could be put together.  And they\u2019ve strengthened us across the board, not just as it relates to Ukraine, whether it\u2019s Japan and South Korea or whether it\u2019s what\u2019s happening in Europe itself. <\/p>\n<p>And so, I think that it\u2019s clear to the vast majority of the foreign policy community on both left and right that this has been a valuable exercise for the United States of America to increase the support we have around the world. <\/p>\n<p>And what I don\u2019t want to do is we put \u2014 we put together over 50 nations \u2014 50 nations supporting Ukraine.  And we have the \u2014 we are the organizer of that.  I\u2019ve met with \u2014 don\u2019t hold me to the exact number \u2014 16 or 17 yesterday.  We had a long conversation and made the case that I knew that the majority of the American people still supported Ukraine, and the majority of the members of the Congress \u2014 both Democrat and Republican \u2014 support it. <\/p>\n<p>So, I don\u2019t think we should let the gamesmanship get in the way of blocking it.<\/p>\n<p>Q    Sir, not that they\u2019re asking, but what\u2019s your advice to the ne- \u2014 next House Speaker?<\/p>\n<p>THE PRESIDENT:  (Laughs.)  That\u2019s above my pay grade.<\/p>\n<p>1:29 P.M. EDT<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Washington, DC&#8230;Good afternoon. Before I speak about student debt relief, I want to make \u2014 take a minute to talk about what took place yesterday in the Congress. I\u2019ll be very brief. The House will now reorganize and select a new Speaker. I know it\u2019s going to take some time. But I remind everyone: We [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":167658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_cbd_carousel_blocks":"[]","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,6,20,5,1],"tags":[],"class_list":["post-167657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-education","category-featured","category-government","category-news","last_archivepost"],"jetpack_featured_media_url":"https:\/\/new.thepinetree.net\/wp-content\/uploads\/2023\/10\/Fullscreen-capture-1042023-25733-PM.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/167657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=167657"}],"version-history":[{"count":1,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/167657\/revisions"}],"predecessor-version":[{"id":167659,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/167657\/revisions\/167659"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/media\/167658"}],"wp:attachment":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=167657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=167657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=167657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}