[Congressional Record Volume 168, Number 142 (Tuesday, September 6, 2022)]
[Senate]
[Page S4418]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                     Student Loan Debt Relief Plan

  Finally, I want to say a few words on another monumental development 
that happened over the August recess: student debt cancelation.
  For the past 2 years, I have repeatedly stated that with the simple 
flick of a pen, President Biden could lower costs for millions of 
Americans by canceling their student debt. Everywhere I go, student 
debt is always front of mind for many of my fellow New Yorkers, as it 
is for millions across the country.
  There are many who don't have student debt--many--but for those who 
do, it is deep. This is not just 1 of 10 issues; this is the issue that 
really, really bothers them and motivates them, to have to wake up in 
the middle of the night, saying: How am I going to make that $400 
payment next month when my salary doesn't stretch that far? What am I 
going to cut out of my life?
  Well, with that long-awaited flick of the pen, President Biden gave 
tens of millions of Americans a new lease on life by canceling 
significant amounts of student debt.
  To President Biden, I say thank you. Thank you for listening to our 
cause. Thank you for taking action.

  The President's decision will make it easier for millions of 
Americans to finally pursue their own American dream, whether that 
means making that downpayment on a house or buying that new car or 
opening a business or saving for retirement. It will help close the 
racial wealth gap that still holds far too many Americans back, and 
most of all, it is going to make our economy strong.
  Now, over the past few weeks, we have heard a lot of fake outrage 
from Republicans, saying that canceling student debt is nothing more 
than a giveaway to wealthy Americans. The same Republicans who made tax 
cuts for the ultrarich their No. 1 priority are suddenly apoplectic at 
the thought of helping working-- and middle-class Americans with 
student debt relief.
  Well, here is the truth, I say to my Republican colleagues: Among 
borrowers who are no longer in school, 90 percent of the debt canceled 
will go to those earning less than $75,000 a year--the opposite of the 
tax cuts that Republicans pushed for where the vast majority of the 
money went to the top 1 percent and the top 10 percent.
  Let me repeat that. Among borrowers who are no longer in school, 
nearly 90 percent of the debt being canceled will go to those earning 
less than $75,000 a year.
  Let's not forget that a majority of student loans are held by people 
whose families have zero net worth--zero. A majority of student loans 
are to families who have zero net worth. That is why the greatest help 
will go to those with the greatest need. Pell grant recipients, who for 
the most part come from families making under $60,000 a year, will have 
up to $20,000 of their debt canceled.
  So rather than helping the privileged few, canceling student debt is 
going to lift up Americans from all walks of life--students of color, 
poor Americans, children of immigrants, working- and middle-class 
families struggling to either get to the middle class or stay there.
  So, again, I thank President Biden for taking action. I also want to 
thank champions like Senator Warren, who has been such a great partner 
in this activity, Senator Warnock, and Representative Pressley, who 
joined with me in calling for the President to take this step. They 
have all been great partners in the effort, and I am glad our efforts 
finally began to pay off.
  I yield the floor.
  I suggest the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. McCONNELL. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.