Statement on President-elect Biden’s American Rescue Plan

“President-elect Biden’s American Rescue Plan includes $35 billion in critical new emergency funding for higher education. Building on last month’s spending deal, this additional investment will help students and colleges weather the current crisis and safely re-open when the time is right.

“We also applaud the President-elect for committing separately to extend the current federal student loan payment pause, which will help millions of student borrowers preserve their limited financial resources during this unprecedented crisis.

“The pandemic has made clearer than ever the need to improve higher education affordability, accountability, and equity. We look forward to working with the incoming administration and Congress to create a new federal-state affordability partnership, protect students against low-quality colleges, simplify loan repayment and provide additional loan relief for struggling borrowers, and double the maximum Pell Grant to help close equity gaps in college enrollment and completion.”

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