Sen. Menendez Defends Student Loan Debt Relief on Senate Floor

Source: United States Senator for New Jersey Bob Menendez

WASHINGTON, D.C. – U.S. Senator Bob Menendez (D-N.J.) spoke on the Senate floor today in strong opposition to Republicans’ cruel legislation that would force borrowers, including public sector workers such as teachers, police officers, and firefighters, to repay student loans — with interest — that were suspended during the COVID-19 pandemic.

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[WATCH THE SENATOR’S FULL REMARKS HERE]

“The pause on student loan repayments has saved borrowers an average of $233 per month — an amount that is particularly crucial for our nation’s teachers, nurses, and first responders who rely on the Public Service Loan Forgiveness program,” said Sen. Menendez during a speech on the Senate floor prior to the vote. “For these public service employees, $233 can mean the difference between making it to the end of the month and not. Make no mistake, repealing this relief especially hurts public sector workers all across our country the very people who go to work every day to care for us, protect us, educate our kids, and keep us safe.”

Below are Sen. Menendez’s remarks as delivered:

Mr. President, I come to the floor today in opposition to a cruel and misguided attack on millions of student loan borrowers in New Jersey and across the country.

Now I understand that some of my colleagues are intent on overturning President Biden’s signature policies — no matter the cost or the consequences.

But to overturn his landmark student debt relief program just to score political points?

To force borrowers to pay back their loans — with interest — and stick it to the administration?

Well that to me is just cruelty for the sake of cruelty.

How else can you describe a proposal that would strip away one of the most important economic lifelines borrowers have relied on?

Other than cruel, what else can you call a resolution that rips away benefits for up to 43 million Americans who stand to benefit from President Biden’s relief plan?

I remind my colleagues that the pause on student loan repayments has saved borrowers an average of over $233 per month, an amount that is particularly crucial for our nation’s teachers, nurses, and police officers and firefighters who rely on the Public Service Loan Forgiveness program.

For a moment, I’d like to focus on the impact this resolution has on them, because for these public service employees, $233 can mean the difference between making it to the end of the month and not.

Make no mistake, repealing this relief especially hurts public sector workers all across our country, the very people who go to work every day to care for us, protect us, educate our kids, and keep us safe.

Is this body really trying to clawback benefits from thousands of everyday heroes in our community?

Is this really what my colleagues set out to do?

For years, the Public Service Loan Forgiveness program has enjoyed bipartisan support because it’s essential to the promise of America.

After all, if you take out loans in support of an education for a career benefitting others then you deserve to see your balance forgiven after 120 payments — or 10 years — as outlined under the law.

For many individuals, the economic challenges of COVID — and the reforms that occurred as a result — were the first time they were able to enjoy the program’s benefits.

This harmful proposal erases that progress and once again imposes the burden of debt on hardworking teachers, nurses, police officers and firefighters.

This proposal is a slap in the face to them and to their shot at the American Dream.

Full stop.

It is a slap in the face for Public Service Loan Forgiveness borrowers and for the full universe of Americans who stand to benefit from student loan relief.

Which is why I encourage all of my colleagues to ask themselves, is this vote — this misguided proposal — the kind of message you feel proud to send?

When the history books are written about this moment in time, do you want to stand on the side of the 43 million Americans who have played by the rules and stand to benefit from long-overdue student loan forgiveness or do you want to stand on the side of those who punish hardworking Americans for trying to get ahead?

That, to me, is the stark moral decision that is before this chamber.

With your vote, you can choose to support the borrowers you represent by rejecting this plan.

Or you can blindside them — rolling back nearly eight months of interest benefits they have earned and deserved.

In no uncertain terms, this resolution increases the yoke of student loan debt and sets up borrowers to fail.

That is not something that I want to vote for and it is not something that any member of this chamber should want to vote for.

I strongly urge my colleagues to vote no.

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