National Urban League Welcomes President Biden's First Step in Addressing Higher Eduction Affordability Crisis

Washington, D.C. (August 22, 2022) – Today, National Urban League President and CEO Marc H. Morial issued the following statement in response to President Biden’s announcement of a plan to forgive a portion of student loan debt for those who need it most and extend the pause on federal student loan repayment until the end of the year:

“Today, President Biden offered much-needed relief to millions of federal student loan borrowers. With the stroke of a pen, he is forgiving $10,000 in federal student loan debt for those making under $125,000 a year for non-Pell grant recipients and up to $20,000 for Pell grant recipients. The plan also extends the moratorium on federal loan repayment until the end of the year and takes other long-term steps to ameliorate the college debt crisis for all. 

“The extra relief for Pell grants recipients will especially help Black, Latino, and low-income borrowers and is responsive to the National Urban League’s call for an approach that recognizes these borrowers often owe more and for longer periods. 

“While only a first step, the President’s actions will put borrowers one step closer to the financial freedom needed to purchase a home, save for retirement, and build wealth for themselves and their families. Now, we need Congress to work on a long-term strategy for student loan debt relief for existing borrowers and reducing the cost of college for current and future students.

“The Urban League stands ready to work with Congress and the White House to make college more accessible and affordable for all.”