Pelosi Statement on Executive Action to Reduce Burden of Student Loan Debt
Contact: Drew Hammill, 202-226-7616
Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement after President Obama announced new executive actions to reduce the burden of student loan debt:
“Education is the best investment we can make in our children, in ourselves, and in our nation’s future. Yet growing student loan debt is holding back a generation of Americans – hurting our economy and weighing on the lives of millions of young people. Reducing the burden of these loans is critical to strengthening our economy and ensuring that all Americans have access to the quality, affordable education they need to succeed.
“Today’s actions by the President are an important step in our shared effort to address student loan debt, strengthening oversight of loan contractors, protecting prospective students, and making payments more manageable for up to five million federal direct student loan borrowers. These executive actions will allow millions of more student loan borrowers to cap their payments at 10 percent of their monthly income. Now it is time for Congress to take the next step and pass the Bank on Students Emergency Refinancing Act authored by Congressmen John Tierney and George Miller, which would allow millions of borrowers to refinance their existing student loans at lower interest rates, similar to those currently available to new borrowers.
“We must ensure that a higher education is not just a luxury for the few, but an opportunity for all. By expanding the educational opportunities for every student, we will spur job growth, strengthen our economy, and guarantee a bright and boundless future for our country.”
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