Congressman Thompson Highlights Impact on the 2nd District Borrowers
By Congressman Bennie Thompson
"Student loans have been mounting for decades. Borrowers are mired in debt. Students are leaving college with insurmountable student loan debt. President Biden vowed to offer student loan debt relief to working and middle-class families, and he has kept his word. Last month, President Biden stated that there will be up to $20,000 in debt cancellation for Pell Grant recipients and up to $10,000 in debt cancellation for Non-Pell Grant recipients."
Borrowers who earn less that $125,000 per year receive a portion of their debt cancelled. The Biden administration's proposal to reduce student debt will help a lot of Mississippians, as well as many others, who now face the possibility of starting loan repayment. According to data from the Institution of Higher Learning, the median income for a Mississippian with a bachelor's degree was around $43,500 in 2019, while the median income for those with a graduate degree was about $55,500.
According to the United States Census Bureau Quick Facts, Mississippi reflected 22.8% of citizens with a bachelor's degree, 19.4% in poverty, and a median income of $46,511 as of July 2021. With these staggering statistics, this debt relief program is one of the best programs aimed at students. Mississippi is a great state, but also ranks low in salaries when compared to other states. The student debt relief program will decrease expenses for many and possibly improve credit ratings for some. The program will also provide more disposable income for those who were struggling with their expenses before the pandemic relieved payments. In support of the Biden-Harris Administration debt-relief and student loan forgiveness program, I will continue to work diligently in my district to disseminate information and announce pertinent information about the programs.