Press Release
☷Press Call by Secretary of Education Miguel Cardona White House Deputy Chief of Staff Natalie Quillian and Senior Administration Officials on Student Debt Cancelation
White House ( By Press Release office)
Feb 22,2024
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We have 7 . 5 million Americans enrolled in SAVE , with 4 . 3 million of them not having to make monthly payments . This is a huge help for borrowers , especially those from lower - and middle - income backgrounds who have been struggling to make ends meet . The actions we ' re taking today are making a real difference for those who are burdened by student loan debt . We ' re here to provide immediate relief and support to those who need it most . Hey , guess what? Our SAVE Plan is the most affordable income - driven repayment plan ever! It ' s already protecting more income from loan payments and giving borrowers peace of mind by preventing runaway interest and huge loan balances . If you ' re a student borrower , you can sign up today at StudentAid . gov/SAVE . We ' re also working hard to identify borrowers who qualify for debt forgiveness and regularly discharge loans . And we ' ll even be sending emails to eligible borrowers about forgiveness if they switch to the SAVE Plan . We ' re proud of what we ' re doing to fix the broken student loan system , and we ' re just getting started . We won ' t accept a system that locks people out of opportunity or forces them to default on their loans . We ' re fighting to provide more relief and open doors of opportunity for more Americans . Now , I ' ll pass it on to Natalie Quillian , a staunch supporter of fixing the loan system and increasing access to higher education , who is also the President ' s Deputy Chief of Staff . Natalie?Thanks to the President and the Biden - Harris administration , nearly 4 million people can now afford to buy homes , start businesses , and pursue their dreams without the burden of student debt . The President promised to continue fighting for student debt relief , and his team has already implemented the SAVE Plan , the most affordable repayment plan in history . Tomorrow , 150 , 000 borrowers will receive an email from President Biden informing them of the cancellation of their remaining student debt . The President will announce this in Los Angeles and continue working to provide relief to as many borrowers as possible . ” Please use the “raise hand” feature on Zoom to queue up questions . I’ll give everyone a minute and then we’ll take your questions . Okay . We’ll start with Haley Burr . You should unmute now . Q : Hey . Thanks for doing that . I ' m just curious , for President Biden ' s speech tomorrow , if you could give a little bit more of a preview of what he ' s hoping to convey in California , where he ' s going to hit the nail on the head . Thank you . Senior Administration Official : I ' m [senior administration official] . I can take that . The president is going to re - emphasize his deep commitment to providing student debt relief to as many borrowers as quickly as possible . He ' s going to describe how that happens - - I mean , this kind of additional relief - - what he ' s announcing tomorrow is just one in a series of efforts - - more than 25 - - or at this point , 25 actions - - to address student problem debt and provide loan forgiveness . So . , this is just another step in the long , ongoing effort to repair a broken system and provide student debt relief for millions of Americans . HOST: Thank you . We ' re going to go to Eliza Haverstock next . You should unmute now . Q: Hi . Thanks for taking the call . I just have two quick clarification questions . First , does this wave of SAVE relief include past repayment periods considered for IDR account adjustments . And then , second question: Is there a state Mandated deadline for borrowers to register for SL SAVE included in this wave of forgiveness Senior Administrative Officer: Yes , it includes months credited due to IDR account adjustments . Borrowers receiving notice tomorrow were those who registered earlier this year . As the Minister mentioned , we will continue to reach out to borrowers to encourage them to join the SAVE scheme . This benefit is just one more reason why the SAVE scheme is the most affordable way to repay your loans . We will continue to update these emissions regularly . Moderator: Thank you . We ' re going to go to Jeff Mason next . You should unmute now . Q: Great . Thank you very much . Just asking where the money is coming from . It ' s - is there a sum of money that ' s set aside first for student loan forgiveness or debt Where is the relief , or , otherwise , where is the - - where is the money coming from to pay this Senior Administration Official: Hey , Jeff . At the Department of Education , we have the authority to administer the student loan program , including providing students with all the benefits that they are eligible for . . So we don ' t need additional appropriations or acts of Congress like some of our programs do . Host: Thank you . Next we ' re going to go to Michael Stratford . You should unmute now . Q: Hey . I ' m " Politico ' s Michael Stratford . Hey , I have a quick question about those emails from the President congratulating people on their student debt relief . Have all 3 . 9 million borrowers who have received relief gotten those emails yet? And are you planning on sending them to anyone else who gets relief in the future?Moderator: Thank you . That ' s all the time we have today . Just a reminder , the contents of this call are embargoed until 5:00 a . m . Eastern tomorrow . Thank you for joining us .
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