FOR IMMEDIATE RELEASE

May 23rd, 2017

CONTACT: Natalia Abrams

646-820-8037 or natalia@studentdebtcrisis.org

Student Debt Crisis Statement on Trump’s FY 2018 Budget Proposal

Today, President Trump released his Fiscal Year 2018 Budget Proposal – a devastating blow to higher education funding that has created uncertainty for millions of Americans paying for college or managing their student loan debt. The budget makes limiting costs and increasing profits a misguided priority; while key programs are eliminated to the detriment of students, borrowers and their families.

Instead of investing in the future of young Americans, the President’s budget eliminates important programs aimed at making college more affordable. The plan cuts $3.9 billion in funding for the Pell Grant program that helps low-income students pay for college, and it eliminates subsidized student loans that keep interest costs low for recent graduates. The proposed budget also replaces existing income-driven repayment plans, which millions of people currently use to lower their monthly payments. Even worse, President Trump’s budget completely eliminates the Public Service Loan Forgiveness program that has been promised to student loan borrowers for nearly a decade.

There’s no way the president can talk his way out of this budget – the plan speaks for itself. Eliminating vital student loan programs, like Public Service Loan Forgiveness, and cutting funding to long-standing financial aid programs is bad for current, former and future students. This budget makes it harder for families to pay for college and it discourages people from pursuing critical public service careers that we all depend on.

 

Hard-working Americans know that the President’s budget will impact their financial lives negatively and they refuse to sit complacently. In less than one week, over 40,000 letters have been sent to Congress by Student Debt Crisis supporters asking lawmakers to reject this disastrous budget. We echo the voice of every American who believes that investing in higher education is the pathway to a prosperous future for all.

 

–  Natalia Abrams, Executive Director Student Debt Crisis

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