LOS ANGELES, CA – Congressman Jimmy Gomez (CA-34) issued this statement following President Biden's announcement that he would cancel $10,000 in student loan debt for those earning less than $125,000 per year, with an additional $10,000 for those who had received Pell grants for low-income students.
"Today’s decision to cancel student debt and pause student loan repayments brings a much needed moment of relief to borrowers, many of whom are first-generation, low-income, and students of color, who have been crushed under mounting debt," said Congressman Jimmy Gomez (CA-34). “For months, my Progressive Caucus colleagues and I have been calling on the Biden administration to use its authority to cancel student debt for nearly 45 million Americans because it would unlock a positive economic force for our country. Removing this burden would allow working families to open a business, save for retirement, start a family, and pursue their dreams. I’m proud that my bill, the Student Loan Tax Relief Act introduced with Rep. Pascrell and Sen. Menendez and passed into law, would ensure any forgiven student loan debt would be tax-free. But to truly transform the lives of these borrowers and renew the promise of our country, we must go further and cancel all student debt."
