Washington, D.C. – Today President Biden announced a three-part plan to provide student loan debt relief for borrowers who need it most. This plan includes cancellation of student loan debt for individuals earning up to $125,000 annually, an extension of the federal student loan payment pause and moratorium on interest through December 31, 2022, as well as proposal of a new income-based repayment plan that will reduce future monthly payments for lower- and middle-income borrowers. Individuals who had PELL grants can have up to $20,000 canceled and other student loan borrowers can have up to $10,000 canceled. This historic student loan debt cancellation will assist thousands of social workers and their families, also alleviating the economic strain associated with the burden of student loans, for many more borrowers.
“We recognize that student loan debt burden significantly impacts the social work workforce, especially social workers of color and those who are first generation college graduates.” Angelo McClain, PhD, LICSW, Chief Executive Officer, NASW. “We thank President Biden and champions in Congress for their steadfast work to provide meaningful relief to student loan borrowers”.
Even though a decision on broad-based cancellation has been long-awaited, the announcement comes after significant prior actions already taken by the Biden administration to address the complex student loan debt and higher education financing crises. These actions include implementation of a Public Service Loan Forgiveness (PSLF) waiver of certain eligibility criteria that benefits many social workers, as well as proposed reforms to the troubled PSLF program. NASW has advocated for an extension of the PSLF waiver, which is currently set to expire on Oct 31, 2022.
“NASW has advocated tirelessly for student loan debt relief for social workers, including through cancellation, public service loan forgiveness and other mechanisms, like employer supported student debt relief measures”. Sarah Christa Butts, MSW, Director of Public Policy, NASW. “Today’s action by the Biden Administration is historic and impactful; however, NASW recognizes that student loan debt remains a tremendous burden for social workers across the country and will continue to advocate for sound policies providing additional relief.”
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Selection of NASW’s related advocacy:
- NASW submits comments in response to Department of Education’s Notice of Public Rule Making regarding Student Assistance General Provisions (Aug. 11, 2022)
- NASW signs onto coalition letter urging President Biden to extend, expand, and coordinate more closely the current Public Service Loan Forgiveness waiver and Income-Driven Repayment Adjustment (7/21/2022)
- NASW, along with its 55 Chapters, signed onto a letter urging President Biden to extend the student loan debt payment pause (6/30/2022)
- NASW, along with its 55 Chapters, signs onto coalition letter of over 500 organizations calling on President Biden to cancel student debt (5/27/2022)
- NASW, Student Borrower Protection Center and 11 other organizations submit comments to the Department of Education on Public Service Loan Forgiveness Reconsideration Request (Mar. 29, 2022)
- NASW signs onto letter to Secretary Cardona urging the Department of Education to create an Income-Driven Repayment waiver for student loan debt (2/9/2022)
- NASW submits comments to the Department of Education in response to Request for Information on the Public Service Loan Forgiveness program (Sept. 24, 2021)
- NASW signs onto letter to the Secretary of Education urging him to take administrative action to ensure that all public service workers who have completed a decade of service receive the debt relief they were promised (9/22/2021)
- NASW and the Student Borrower Protection Center submit memo to the Department of Education (DoEd) on behalf of Social Workers in response to DoEd’s Request for Information on the Public Service Loan Forgiveness (PSLF) Program (Sept. 17, 2021)
- NASW signs onto letter urging President Biden to cancel federal student loan debt immediately (4/13/2021)
- NASW signs onto letter Calling on the Secretary of Education to Cancel Student Debt for All Public Service Workers with 10 or More Years of Service (4/12/2021)
- NASW joins coalition letter urging President-elect Biden to cancel federal student loan debt on day one (1/15/2021)
- NASW joins over 230 organizations in urging President-elect Biden to cancel federal student loan debt on day one (11/18/2020)
NASW Coalition Partners: