NASW applauds President Biden's plan to provide student loan relief

National NASW News Release

WASHINGTON, D.C. - The National Association of Social Workers (NASW) thanks President Biden for announcing today a plan to provide student loan relief for million of Americans and will continue to advocate for more action to help social workers struggling with student loan debt. “We recognize that student loan debt burden significantly impacts the social work workforce, especially social workers of color and those who are first generation college graduates," NASW CEO Angelo McClain, PhD, LICSW, said. “We thank President Biden and champions in Congress for their steadfast work to provide meaningful relief to student loan borrowers." President Biden today announced a three-part plan to provide student loan debt relief for borrowers who need it most. The plan includes:

• Cancellation of student loan debt for individuals earning up to $125,000 annually

• An extension of the federal student loan payment pause, and moratorium on interest through December 31, 2022

• A proposal of a new income-based repayment plan that will reduce future monthly payments for lower- and middle-income borrowers.

Individuals who had PELL grants can have up to $20,000 canceled and other student loan borrowers can have up to $10,000 canceled. This historic student loan debt cancellation will assist thousands of social workers and their families, also alleviating the economic strain associated with the burden of student loans, for many more borrowers. Although a decision on broad-based cancellation has been long-awaited, the announcement comes after significant prior actions taken by the Biden administration to address the complex student loan debt and higher education financing crises. These actions include implementation of a Public Service Loan Forgiveness (PSLF) waiver of certain eligibility criteria that benefits many social workers, as well as proposed reforms to the troubled PSLF program. NASW has advocated for an extension of the PSLF waiver, which is currently set to expire on Oct. 31, 2022. “NASW has advocated tirelessly for student loan debt relief for social workers, including through cancellation, public service loan forgiveness and other mechanisms, like employer supported student debt relief measures," said NASW Public Policy Director Sarah Christa Butts, MSW. “Today’s action by the Biden Administration is historic and impactful; however, NASW recognizes that student loan debt remains a tremendous burden for social workers across the country and will continue to advocate for sound policies providing additional relief.”

Resources

• The Biden-Harris Administration's Student Debt Relief Plan Explained (studentaid.gov)

• Student Borrower Protection Center PSLF Success Story Campaign

• White House Public Service Loan Forgiveness Web Page

• PSLF Help Tool

Related NASW Advocacy

• NASW submits comments in response to Department of Education’s Notice of Public Rule Making regarding Student Assistance General Provisions (Aug. 11, 2022)

• NASW signs onto coalition letter urging President Biden to extend, expand, and coordinate more closely the current Public Service Loan Forgiveness waiver and Income-Driven Repayment Adjustment (7/21/2022)

• NASW, along with its 55 Chapters, signed onto a letter urging President Biden to extend the student loan debt payment pause (6/30/2022)

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The National Association of Social Workers (NASW), in Washington, DC, is the largest membership organization of professional social workers. It promotes, develops, and protects the practice of social work and social workers. NASW also seeks to enhance the well-being of individuals, families, and communities through its advocacy.