The Missouri Asian American Youth Foundation Praises President Biden's Student Debt Relief Actions

President Biden took a bold step forward towards uplifting the crushing burden of federal student debt for generations of lower income and middle class Americans. 59% of Asian Americans owe student debt. Forgiving $10,000 of student debt ($20,000 for Pell Grant recipients, whose families make under $60,000) for Americans who make less than $125,000 will ensure that over 95% (or 43 million people) who have student debt will feel relief, and 20 million people will have their loans fully forgiven.

This executive action goes beyond what was promised, and also pauses interest accumulation, halves the public interest debt forgiveness salary requirement from 20 to 10 years, and allows those who have paid back loans during the pandemic to recoup those costs.

The board of the Missouri Asian American Youth Foundation celebrates this action as the result of the diligent, long-term efforts of student activists and community organizers. The next step is addressing equitable access to and the skyrocketing costs of higher education.

As immigrants and the children of immigrants, as Pell Grant recipients, and recent graduates, we recognize the monumental, life-changing impact that these actions have for millions of working class Americans of all ethnicities, and we share in the joy and relief.