Today, the Biden administration announced a massive step in the right direction: canceling $20,000 of federal student loan grant for Pell Grant recipients and $10,000 for other borrowers, reaching a total of 43 million people. Student debt cancelation has been one of the CPC's top priorities for executive action and we've consistently pushed it, including in a meeting with @POTUS on March 30. While not as high as we called for, this goes beyond @POTUS' campaign promise and responds to calls from the CPC, the Congressional Black Caucus, the @hispanic.caucus, and millions across the country. Today’s action fully cancels loans for roughly 20 million people, will cap interest for current and future loans at 5% of income, half the current rate, and will lower the average annual payment by more than $1,000 for those who still have a balance after today. Student debt cancellation is a racial justice issue. 90% of Black students and 72% of Latino students have loans. They borrow at higher rates to attend college, and are more likely than white borrowers to owe more debt 12 years later. It's also an economic justice issue. 97% of those with federal student loans are low- and middle-income. 40% weren't able to finish their degree. These loans are holding people back from buying homes and starting businesses, and following millions of seniors into retirement. Canceling student loan debt is essential to lowering monthly costs for people across the country struggling to keep up with rising prices of housing and food. We're pleased to see the payment pause extended through December, but we encourage the White House to ensure that repayments do not begin until debt cancellation can reach the people who need it. Under President Biden, no one has had to make a payment on a federal student loan. If millions have to restart these payments before the forgiveness reaches them, it would only increase the anxiety and hardship Americans are feeling amid other rising costs. The work continues to lower costs, raise wages, and advance justice — and we'll keep pushing until our full Executive Action Agenda is enacted.