Protect Students and Student Loan Borrowers

We, the undersigned, urge Congress to protect critical student loan and federal financial aid programs that are at risk of being cut. The proposed defunding of the Department of Education and elimination of essential programs would jeopardize access to education and implement higher monthly payments for millions of student loan borrowers.

We call upon Congress to:

- Fully fund federal Pell Grants.

- Remove caps on federal student loan amounts for undergraduates, parents, and graduate students.

- Oppose $350 billion in funding cuts for the U.S. Department of Education.

- Preserve existing Income-Driven Repayment (IDR) plans and loan forgiveness programs such as Income Contingent Repayment (ICR), Pay As You Earn (PAYE), and Public Student Loan Forgiveness (PSLF).

- Oppose the proposed Repayment Assistance Plan (RAP).

- Fund federal research for colleges and universities across the country.

By taking these actions, Congress can reinstate its commitment to education access and quality for all Americans while protecting the financial stability of its constituents.

The latest information reveals that Congress is planning to pass massive budget cuts, including a $350 billion cut to the Department of Education and replacing existing IDR plans with a new plan called RAP. This change would result in Americans having to pay up to $4,786 more a year in student loan payments – which most cannot afford. In addition, there will be a substantial cap on federal loan amounts of up to $50,000 in lifetime borrowing for students and their families. This would exacerbate the student debt crisis and would increase private lending, fewer protections for borrowers, and an increase in predatory lending practices.

College would also become less affordable due to funding cuts for federal Pell Grants. These grants are designed for families and students who make less than $40,000 annually. The Americans that are going to be most impacted by decreases to Pell Grant funding are from income-burdened backgrounds, and many students may see reductions in their award of up to $1,479. Education is a right, and students should not have to face the burden of accumulating debt to finance their education.

Due to the grim reality that education is not free in the United States, students and families will continue to seek alternative sources to fund their education. The difference is whether there is a government that promotes educational advancements and a well-educated, strong nation, or one that turns its back on the future of America. Congress must take substantial action to protect repayment programs and past, current, and future students seeking a higher education.