ARGUES CASES LIKE THE ABORTION PILL. AND HERE IS THE PRESIDENT. LET'S LISTEN. >> -- MILLIONS OF AMERICANS IN THIS COUNTRY WHO FEEL DISAPPOINTED AND DISCOURAGED, EVEN A LITTLE BIT ANGRY ABOUT THE COURT'S DECISION TODAY ON STUDENT DEBT. AND I MUST ADMIT I DO TOO. BEFORE I TELL YOU THE STEPS WE'LL TAKE AND I WANT TO TALK ABOUT -- I'LL TALK ABOUT WHAT WE'VE BEEN ABLE TO ACHIEVE SO FAR ON STUDENT LOAN OVER THE PAST FEW YEARS. FIRST, WE MADE THE LARGEST INCREASE IN PELL GRANTS IN OVER A DECADE HELPING STUDENTS FROM FAMILIES WHO NEARLY ALL MAKE LESS THAN $60,000 A YEAR. THEN WE FIXED THE SO-CALLED WITH THE HELP OF THE DEPARTMENT PUBLIC SERVICE LOAN FORGIVENESS PROGRAM. SO THE BORROWERS WHO THE GOT INTO PUBLIC SERVICE SUCH AS SCHOOLTEACHERS, POLICE OFFICERS, SOCIAL WORKER, SERVICE MEMBERS, YOU KNOW, THEY ACTUALLY GOT THE DEBT RELIEF THAT THEY WERE ENTITLED TO UNDER THE LAW. BEFORE I CAME TO OFFICE, ONLY 7,000 PEOPLE BENEFITTED FROM THAT PROGRAM. TODAY OVER 600,000 BORROWERS HAVE RECEIVED RELIEF FROM THAT PROGRAM. AND IT IS STILL AVAILABLE. SO MANY PEOPLE -- SO MANY MORE PEOPLE COULD BE HELPED. AND I ENCOURAGE YOU TO APPLY IF YOU HAVEN'T ALREADY. YOU ARE STILL ELIGIBLE. GO TO STUDENTAID TO THE GOVERNOR. IT MATTERS. THIRD, WE APPROVED A PROGRAM ON INCOME DRIVEN REPAYMENT PLAN. BACK THEN WE SET A LIMIT. STUDENT BORROWERS WOULD PAY NO MORE THAN 10% OF DISPOSABLE INCOME TO PAY BACK THEIR DEBT AT ANY ONE TIME. MY ADMINISTRATION WILL REDUCE THAT TO 5%. IT IS NOW THE MOST GENEROUS REPAYMENT PROGRAM EVER. NO ONE WITH AN UNDERGRADUATE LOAN TODAY OR IN THE FUTURE WHETHER FROM A COMMUNITY COLLEGE OR A FOUR YEAR COLLEGE WILL HAVE TO PAY MORE THAN 5% OF IT IS POSSESSABLE INCOME, REPAY THE LOAN. AND THAT IS INCOME AFTER YOU PAY FOR THE NECESSITIES LIKE INCOME, HOUSING AND THE LIKE. TYPICAL BORROWER WILL SAVE ABOUT $1,000 A YEAR. AND IF YOU KEEP UP PAYMENTS FOR 20 YEARS WITHOUT MISSING THEM, YOUR TOTAL DEBT IS FORGIVEN AFTER 20 YEARS. THAT IS WHAT THE PROGRAM WAS BEFORE, BUT WE JUST REDUCED IT TO 15%. -- 5%. AND I ANNOUNCED THE STUDENT SDET RELIEF PLAN LAST YEAR ON THE VERGE OF PROVIDING MORE THAN 40 MILLION AMERICANS WITH REAL DEBT RELIEF. NEARLY 90% OF THEIR RELIEF, 90% OF IT, MAKING LESS THAN $75,000 A YEAR, AND NO ONE, NO ONE MAKING OVER $125,000 A YEAR WOULD QUALIFY. THIS PROGRAM WAS ALL SET TO BEGIN. THE WEBSITE HAD BEEN SET UP, APPLICATIONS HAD BEEN SIMPLIFIED SO THAT IT TOOK LESS THAN FIVE MINUTES TO COMPLETE. NOTICES HAD BEEN SENT OUT TO PEOPLE ABOUT THE RELIEF THEY WERE ELIGIBLE FOR. 16 MILLION PEOPLE, 16 MILLION PEOPLE HAVE ALREADY BEEN APPROVED. THE MONEY WAS LITERALLY ABOUT TO GO OUT THE DOOR. AND REPUBLICAN ELECTED OFFICIALS AND SPECIAL INTERESTS STEPPED IN AND SAID NO, LITERALLY SNATCHING FROM THE HANDS OF MILLIONS OF AMERICANS THOUSANDS OF DOLLARS IN STUDENT DEBT RELIEF THAT WAS ABOUT TO CHANGE THEIR LIVES. THESE REPUBLICAN OFFICIALS JUST COULDN'T BEAR THE THOUGHT OF PROVIDING RELIEF FOR WORKING CLASS MIDDLE AMERICANS. REPUBLICAN STATE OFFICIALS SUED MY ADMINISTRATION ATTEMPTING TO BLOCK RELIEF INCLUDING MILLIONS OF THEIR OWN CONSTITUENTS. REPUBLICANS IN CONGRESS VOTE ORDER OVERTURN THE PLAN. I DON'T THINK I HAD ANY REPUBLICAN VOTES FOR THIS PLAN. AT THE SAME TIME THINK ABOUT THIS, THEY ALL ASSUMED THE PAYCHECK PROTECTION PROGRAM. REMEMBER PPP? WHICH WAS DESIGNED TO HELP BUSINESS OWNERS WHO LOST MONEY BECAUSE OF THE PANDEMIC. IT WAS A WORTHY PROGRAM. BUT LET'S BE CLEAR, SOME OF THE SAME ELECTED REPUBLICAN, MEMBERS OF CONGRESS WHO STRONGLY OPPOSED GIVING RELIEF TO STUDENTS GOT HUNDREDS OF THOUSANDS OF DOLLARS THEMSELVES IN RELIEF. MEMBERS OF CONGRESS. BECAUSE OF THE BUSINESSES THAT THEY WERE ABLE TO KEEP OPEN. SEVERAL GOT OVER $1 MILLION. ALL THOSE LOANS WERE FOR GIVEN. DO YOU KNOW HOW MUCH THAT PROGRAM COST? $760 BILLION. MY PROGRAM IS TOO EXPENSIVE? $360 BILLION MORE THAN I PROPOSED IN MY STUDENT DEBT RELIEF PROGRAM. I WAS TRYING TO PROVIDE STUDENTS WITH $10,000 TO $20,000 IN RELIEF. BAY COMPARISON, THE AVERAGE AMOUNT FOR GIVEN IN THE PPP PANDEMIC LOAN PROGRAM, AVERAGE AMOUNT FOR GIVEN WAS $70,000. NOW A KID MAKING 60,000 BUCKS, TRYING TO PAY BACK HIS BILL, ASKING FOR $10,000 IN RELIEF, COME ON. HYPOCRISY IS STUNNING. YOU CAN'T HELP A STUDENT BUT YOU CAN HELP A MILLIONAIRE AND HAVE YOUR DEBT FOR GIVEN? MY IFE PLAN WOULD HAVE BEEN LIFE CHAINING AND GOOD FOR THE AMERICAN ECONOMY. 3 MILLION AMERICANS. MORE HOMES WOULD HAVE BEEN BOUGHT, MORE BUSINESSES WOULD HAVE BEEN STARTED, MORE WOULD HAVE HAD THE CONFIDENCE TO START A FAMILY. MILLIONS WOULD HAVE FELT THEY COULD GET ON WITH THEIR LIVES. AND NOW THEY ARE SHAMELESSLY PUSHING TO ADVANCE A BILL IN THE COMING WEEKSES THAT GIVES HUNDREDS OF BILLIONS OF TAX BREAKS AND HANDOUTS TO THE WEALTHIEST AMERICANS. THEY STILL HAVEN'T GIVEN UP ON MAKING IT PERMANENT A $2 TRILLION TAX CUT THAT THEY NEVER PAID FOR. NEVER PAID FOR. $2 TRILLION. SO LET ME BE CLEAR. REPUBLICANS IN CONGRESS, THIS IS NOT ABOUT REDUCING THE DEFICIT. IT IS NOT ABOUT FAIRNESS. IT IS ONLY ABOUT FORGIVING LOANS THAT THEY HAVE TO PAY. TODAY THE SUPREME COURT SIDED WITH THEM. I BELIEVE THE COURT'S DECISION TO STRIKE DOWN MY STUDENT DEBT RELIEF PROGRAM WAS A MISTAKE, WAS WRONG. I WON'T STOP FIGHTING TO DELIVER BORROWERS WHAT THEY NEED, PARTICULARLY THOSE AT THE BOTTOM END OF THE ECONOMIC SCALE. SO WE NEED TO FIND A NEW WAY. WE'RE MOVING AS FAST AS WE CAN. FIRST, I'M ANNOUNCING TODAY A NEW PATH CONSISTENT WITH THE RULING TO PROVIDE STUDENT DEBT RELIEF TO AS MANY BORROWERS AS POSSIBLE AS QUICKLY AS POSSIBLE. WE WILL GROUND THE NEW APPROACH IN A DIFFERENT LAW THAN MY ORIGINAL PLAN. THE SO-CALLED HIGHER EDUCATION ACT. THAT WILL ALLOW SECRETARY OF STATE CARDONA, WHO IS WITH ME TODAY, TO COMPROMISE, WAIVE OR RELEASE LOANS UNDER CERTAIN CIRCUMSTANCES. THIS NEW PATH IS LEGALLY SOUND. IT WILL TAKE LONGER, AND IN MY VIEW IT IS THE BETH PATH THAT REMAINS TO PROVIDE AS MANY BORROWERS AS POSSIBLE WITH DEBT RELIEF. JUST MOMENTS AGO, SECRETARY CARDONA TOOK THE FIRST STEP TO INITIATE THE NEW APPROACH. WE'RE NOT GOING TO WASTE ANYTIME ON THIS, WE'RE -- IT WILL TAKE LONGER, BUT WE'RE GETTING ON IT RIGHT AWAY. SECOND, WE KNOW WHAT MANY BORROWERS WILL NEED TO MAKE THE HARD CHOICES WHICH THEIR BUDGETS ARE ON A STRAIN NOW WHEN THEY START TO REPAY THEIR MONTHLY PAYMENTS THIS FALL. WE KNOW IT CAN TAKE TIME AND THEY MIGHT MISS PAYMENTS AT THE FRONT END AS THEY GET BACK INTO REPAYMENT. NORMALLY THIS COULD LEAD TO DELINQUENCY AND DEFAULT AND IT WOULD HURT THEIR FINANCIAL SECURITY AND THAT IS NOT GOOD FOR THEM OR THE ECONOMY. THAT IS WHY WE'RE CREATING A TEMPORARY 12 MONTH WHAT WE'RE CALLING ON-RAMP REPAYMENT PROGRAM. NOW, THAT IS ABOUT THE SAME AS THE STUDENT LOAN PAUSE THAT HAS BEEN IN EFFECT THE PAST THREE YEARS. MONTHLY PAYMENTS WILL BE DUE. BILLS WILL NOT GO OUT AND INTEREST WILL BE ACCRUING. AND DURING THIS PERIOD IF YOU CAN PAY YOUR MONTHLY BILLS, YOU SHOULD. BUT IF YOU CANNOT, IF YOU MISS PAYMENTS, THIS ON-RAMP TEMPORARILY WILL REMOVE THE THREAT OF DEFAULT OR HAVING YOUR CREDIT HARMED WHICH CAN HURT BORROWERS FOR YEARS TO COME BECAUSE THE DEPARTMENT OF EDUCATION WON'T REFER BORROWERS. THE REASON WHY THAT WILL WORK, THEY WON'T REFER BORROWERS WHO MISS PAYMENTS FOR 12 MONTHS. LET ME CLOSE WITH THIS. REPUBLICAN OFFICIALS SAY STUDENT LOAN RELIEF IS A GIVE AWAY TO THE PRIVILEGED. YOU HEAR THAT LOUD NOW. THE PRIVILEGED. I LOVE THE CONCERN FOR THE PRIVILEGED. BUT I KNOW HE WHO STUDENT LOAN BORROWERS ARE IN THIS COUNTRY. SO DO ALL YOU. THE COUPLE PUTTING OFF HAVING A CHILD UNTIL THEY CAN FIND A WAY TO DEAL WITH THEIR DEBT. YOUNG PUTTING OFF BUYING THEIR FIRST HOME SO THEY CAN GET OUT FROM UNDER STUDENT LOANS. HOPE ON THE HORIZON THANKS TO THE RELIEF THAT I PLANNED LAST YEAR, TODAY'S COURT DECISION SNATCHED IT AWAY FROM THEM. I GET IT. I GET IT. I HEAR THIS. I'M CONCERNED ABOUT IT. BUT TODAY'S DECISION HAS CLOSED ONE BUT I'LL PUSH THROUGH ANOTHER. I WILL NEVER STOP FIGHTING FOR YOU. WE'LL USE EVERY TOOL WE CAN TO GET YOU THE RELIEF YOU NEED AND REACH YOUR DREAMS. IT IS GOOD FOR THE ECONOMY, GOOD FOR THE COUNTRY, IT WILL BE GOOD FOR YOU. THANK YOU VERY, VERY MUCH FOR LISTENING. WE'LL GET THIS DONE, GOD WILLING. THANK YOU. >> MR. PRESIDENT, WHY DID YOU GIVE MILLIONS OF BORROWERS FALSE HOPE? YOU DOUBTED YOUR OWN AUTHORITY HERE IN THE PAST. >> I DIDN'T GIVE ANY FALSE HOPE. THE QUESTION WAS WHETHER OR NOT IF I WOULD DO EVEN MORE THAN WAS REQUESTED. WHAT I DID I THOUGHT WAS APPROPRIATE AND WAS ABLE TO BE DONE AND WOULD GET DONE. I DIDN'T GIVE BORROWERS FALSE HOPE BUT THE REPUBLICANS SNATCHED AWAY THE HOPE THAT THEY WERE GIVEN AND IT IS REAL. REAL HOPE. THANK
