Statement on Supreme Court's Decision to Strike Down Student Loan Forgiveness Program
June 30, 2023I join fellow HB 6901 co-introducers Reps. Paris, Kavros DeGraw & Turco on this statement regarding today's Supreme Court decision on the student loan forgiveness program.
It is shameful that in 2023, our Supreme Court favored lending institutions over ordinary Americans trying desperately to be responsible borrowers and active participants in the American economy. The imbalance caused by the double-punch of inflated education costs and wage stagnation makes it mathematically impossible for many borrowers ever to pay off their loans. There is no denying that the pandemic set these graduates back even further, and our Supreme Court has shown no interest in correcting decades of irreversible damage from the harmful debt-to-income ratio. Instead, the Supreme Court aims to create a permanent underclass.
Fortunately for Connecticut's college debt-ridden workers, the Connecticut legislature, with bipartisan support, acknowledged this inequity even before the federal government did. HB 6901: An Act Establishing a Student Loan Reimbursement Program for State Residents, creates a program that aims to help Connecticut residents hardest hit by the student loan debt crisis — by reimbursing up to $20,000 if the borrower 1) graduates from any Connecticut-based college or university (including vocational/trade schools); 2) is a bona fide Connecticut resident for five years; and 3) performs 50 hours of volunteer service per year for a certified 501 (c) (3) non-profit and 4) is working as an employed professional for two years.
Our society should not perpetuate a system that pushes millions into student debt. Completing college is a major milestone that leads to the American dream. It is a common good and we must protect it in the State of Connecticut.
