During an interview with NPR aired on Wednesday’s broadcast of “Morning Edition,” Education Secretary Miguel Cardona stated that the new student loan announcement by President Joe Biden is “providing debt relief to people that need it the most” because most of the people targeted in the newest program are eligible for Pell Grants, so this means that “economically, they could use the support.”
Cardona said, “So, we’re providing debt relief to people that need it the most. The folks that are targeted in this program are people who — I think 75% of them are Pell-eligible, meaning economically, they could use the support. We’re also addressing the root cause of the issue, which is the cost of college has gotten out of control. So, we’re increasing accountability measures to make sure that there’s a good return on investment in higher education. All together, we’re fixing a broken system.”
In another part of the interview, Cardona stated, “I believe that the benefits of our borrowers who are falling into default being able to get back on their feet and contribute to the economy will help our country move forward. And, without question, this is also contributing to the growth of communities.”
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