AACTE Applauds Biden Administration’s Decision to Forgive Federal Student Loans
The American Association of Colleges for Teacher Education (AACTE) announced its support for the Biden Administration’s decision to forgive a portion of the federal student aid debt certain individuals have incurred to attend college.
“The federal government’s decision to forgive a portion of federal student debt is long overdue,” said AACTE President and CEO Lynn M. Gangone, Ed.D. “Many students are overwhelmed with student debt, preventing them from beginning families, purchasing homes, or achieving other life milestones. This announcement is a significant step in helping these students. However, much more needs to be done to help students interested in pursuing a career in education finance their college degree. As a nation, we must address the high cost of a college degree and the low compensation of teachers, both of which have contributed to a nationwide shortage of profession-ready, fully licensed educators.”
The Biden Administration announced it would forgive up to $20,000 in student debt for recipients of Pell Grants, $10,000 of federal student debt for those earning less than $125,000 ($250,000 for couples) and continue through the end of the year the moratorium on federal student loan student loan repayment, interest, and collections as authorized by Congress under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This announcement will reduce attrition that has led to a national shortage of fully licensed educators. The Administration estimates that up to 42 million borrowers will benefit from this decision, including roughly 20 million whom will have their debts completely forgiven. This action compliments other steps the Trump and Biden Administrations have taken to help borrowers regain their financial footing while the nation recovers from the pandemic.
The Biden announcement continues to call for improvements to the Public Service Loan Forgiveness program, helping to ensure that the public sector remains a viable career path for those interested in working as an educator, for a non-profit organization, or another qualified, non-profit position.
AACTE looks forward to working with the Administration and Congress to make college more affordable to address the shortfall of qualified teachers.