San Francisco, CA – “We at Mission Graduates are thrilled to see the Biden-Harris administration announce their plan to provide $10,000 in student loan cancellation to borrowers that qualify and $20,000 in student loan cancellation to Pell Grant recipients. This applies to individuals whose annual income is under $125,000, and married couples whose annual income is under $250,000. The Department of Education also announced the final student loan pause extension, in which collections will resume in January 2023.
This is an important first step, recognizing the amount of student loan debt so many individuals carry, and these efforts must continue. This plan will greatly help students and families–like the students and families of Mission Graduates–to pay their debt and get closer to financial autonomy. Student loan debt has become a crippling weight on the backs of adults and young professionals, limiting their choices and career advancement. We want our students and families to have as many opportunities to become financially secure and successful, and their education should not have to hinder that goal. We hope this plan to cancel student debt will make an impact and empower our students, families, and greater community.”