AFT’s Weingarten on New Biden-Harris Draft Student Debt Rules to Provide Relief to Tens of Millions More Borrowers

WASHINGTON—AFT President Randi Weingarten issued the following statement after the Biden-Harris administration released draft rules providing relief to borrowers hamstrung by runaway interest, those who’ve made decades of repayments and several other categories of borrowers:

“Student debt today is far different from in years past—the cost of college, and the debt incurred, is stifling the dreams of a generation and stymieing economic growth. That is why it’s such a huge issue, and why President Biden just doesn’t talk the talk on student debt relief, he walks the walk.

“While others play politics and protect bad loan servicers like MOHELA, the administration is stepping up to help tens of millions more borrowers access the relief they deserve. The president won’t back down because he knows the life-changing impact of releasing the shackles of student debt that prevent strivers and dreamers from getting ahead.

“These draft rules cancel runaway interest; eliminate debt for borrowers who entered repayment at least 20 years ago; discharge debt for those eligible, but not enrolled, in the Saving for a Valuable Education plan, Public Service Loan Forgiveness and other programs; and help borrowers enrolled in low-financial-value programs or institutions.

“These provisions, and those in the works, show the president has borrowers’ backs—and that’s why we have his.”