Progress Iowa Executive Director Matt Sinovic issued the following statement in response to President Biden’s announcement that he will cancel up to $10,000 in student debt for borrowers who earn $125,000 a year or less and up to $20,000 for recipients of Pell Grants:
“Iowans know that our economy works best when we put money back into the hands of people who keep our economy going. But right now, millions of Americans are struggling under the weight of student debt.
“Thankfully, many Americans, including the nearly 70% of college graduates in Iowa, will soon get some relief because of President Biden’s decisive action today to cancel thousands of dollars in student debt. This decision will put more money in the pockets of working families at a time when prices are rising. Now, families will be better equipped to afford the things that matter most, like food and housing, and put that money toward their families and their futures.
“Today’s announcement proves we can get what we need. We simply need leaders who will put working families first. Thanks to President Biden, we are now on a path towards an economy that works for us all.”