Consumer Advocates Cheer Student Loan Forgiveness Plan
Biden plan provides relief from crushing, long-term debt
Yesterday’s announcement of student loan debt relief from the Biden Administration has been met with mixed reviews. However, one group cheering the move is the National Consumer Law Center.
Here’s more on why the consumer advocacy organization supports Bidens’ debt relief plan:
In a statement, the consumer advocacy group outlined the ways the Biden plan will benefit borrowers.
“The announcement of widespread debt cancellation with additional debt relief for those from low-income households promises transformational relief to tens of millions of low-income families and people of color who have borne the brunt of the nation’s student debt crisis and broken student loan system,” said Abby Shafroth, Director of the National Consumer Law Center’s Student Loan Borrower Assistance Project. “For many borrowers, today’s action will mean they can finally be freed from their single largest financial liability and a relentless source of financial stress. It will allow them to imagine a future when they can build savings, a positive net worth, and a better life for themselves and their families instead of being perpetually indebted to the government.”
