This combat is just not over. I’ll have extra to announce once I handle the nation this afternoon.

My Administration’s scholar debt reduction plan would have been the lifeline tens of thousands and thousands of hardworking People wanted as they attempt to get well from a once-in-a-century pandemic. Practically 90 p.c of the reduction from our plan would have gone to debtors making lower than $75,000 a 12 months, and none of it might have gone to folks making greater than $125,000. It might have been life-changing for thousands and thousands of People and their households. And it might have been good for financial progress, each within the short- and long-term.

The hypocrisy of Republican elected officers is beautiful. They’d no drawback with billions in pandemic-related loans to companies – together with tons of of 1000’s and in some circumstances thousands and thousands of {dollars} for their very own companies. And people loans have been forgiven. However when it got here to offering reduction to thousands and thousands of hard-working People, they did all the things of their energy to cease it.

Whereas immediately’s resolution is disappointing, we should always not lose sight of the progress we’ve made – making historic will increase to Pell Grants; forgiving loans for academics, firefighters, and others in public service; and creating a brand new debt reimbursement plan, so nobody with an undergraduate mortgage has to pay greater than 5 p.c of their discretionary revenue.

I consider that the Courtroom’s resolution to strike down our scholar debt reduction plan is improper.

However I’ll cease at nothing to search out different methods to ship reduction to hard-working middle-class households. My Administration will proceed to work to convey the promise of upper schooling to each American.

And later immediately, I’ll present extra element on all that my Administration has carried out to assist college students and the following steps my Administration will take.

Relatedly, see FACT SHEET: President Biden Pronounces New Actions to Present Debt Aid and Help for Pupil Mortgage Debtors