Morristown, N.J. – The Morris County Young Democrats today applauded The Biden Administration’s Student Loan Debt Plan, which President Biden announced yesterday, while also calling on Congress to do more to alleviate the massive debt crisis affecting America’s youth.

“This is an incredible step forward,” said President T.C. McCourt. “Between the immediate debt relief that will be felt by some 43 million people, to the nearly 20 million people that will see ALL of their student loan debt erased, the gravity of this announcement cannot be overstated.”

However, the organization joins with many who believe there is more work to do, and that this work must be completed by Congress as soon as possible.

“Beyond the immediate debt relief, the changes to income-driven repayment plans are a game changer,” said Vice President Laura Bustamante. “We are now seeing an increasing wealth gap in future generations because of the burden of student loans. Many of our peers aren’t able to buy a home or have decided to pause on starting a family because of this burden. That is why we need to continue to fight for equitable policy that will not only alleviate current hardship but that also ensures future generations aren’t subject to the same financial trap”

The Morris County Young Democrats are therefore calling on Congress to enact legislation that institutes bold reforms to the federal student loan system, including but not limited to: wiping out ALL interest on existing student loans, lowering the interest rate on all future loans AND pegging that rate to inflation, cracking down on predatory lenders and, yes, eliminating more student loan debt.

“This is a once-in-a-generation moment, one where elected officials have the chance to make a real difference in as many lives as possible, and to open up more doors of opportunity to millions of Americans,” said McCourt.

“We urge Congress to follow President Biden’s lead by acting swiftly and boldly.”

As a good amount of people will have to prove their eligibility for loan forgiveness, holders of federally-backed student loans are encouraged to visit StudentAid.gov to view detailed information about the plan and to sign up for notifications on the progress of its implementation.

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