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Dear Fellow Vermonter,
The president's decision yesterday to reduce the outrageous level of student debt in our country is an important step forward in providing real financial help to a struggling middle class. Yesterday's announcement to reduce up to $10,000 in student debt for working class Americans and up to $20,000 for Pell Grant recipients will eliminate student debt for some 20 million Americans and reduce debt for some 43 million. The result of this decision is that millions of Americans will now be in a better position to start families, or buy the homes and cars they have long needed. As someone who’s fought for years to cancel student debt, this is a big deal.
But we have got to do more. At a time of massive income and wealth inequality, education, from pre-school through graduate school, must be a fundamental right for all, not a privilege for the wealthy few. If the United States is going to effectively compete in the global economy we need the best educated workforce in the world, and that means making public colleges and universities tuition free as many other major countries currently do – and that includes trade schools and minority-serving institutions as well. In the year 2022, in the wealthiest country on earth, everyone in America who wants a higher education should be able to get that education without going into debt.
Vermont, which continues to rank as one of the most educated states in the country, has approximately 77,000 borrowers who hold about $2.9 billion in student loan debt with an average debt load of about $37,000. Under the Biden administration’s plan, more than $500 million in student debt would be cancelled for Vermonters and the number of borrowers in Vermont who owe student debt would drop by 45%.
For more information on if you qualify for this debt relief, visit: StudentAid.gov/DebtRelief. We will bring you more updates as we get them and my team is always available to help. Please don’t hesitate to reach out to my office here or call us at 800-339-9834.
Sincerely,
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