Remarks by President Biden Announcing Student Loan Debt Relief Plan
AUGUST 25, 2022
Location: Not determined

2:46 P.M. EDT

THE PRESIDENT:  Hey, folks.  Well, good afternoon.  When America made 12 years of public education universal in the last century, we became — not figuratively, literally — the best-educated public in the world and better prepared than any other nation.  And I would argue that it’s one of the reasons why we were so successful and have been so successful.

But as you’ve all observed, other nations have caught up.  In the 21st century — in my view and I think the vast majority of Americans’ — 12 years of universal education is not enough, and we’re going to be outcompeted by the rest of the world if we don’t take action.

But here’s the deal: The cost of education beyond high school has gone up significantly.  The total cost to attend a public four-year university has tripled — nearly tripled in 40 years — tripled. 

Instead of properly funding public colleges, many states have cut back their support.  We were just talking about that in the Oval.  Many states have cut back support for their — their state universities, leaving students to pick up more of the tab.

In 50 years — for 50 years, Pell Grants have been a key way for the federal government to help lower-income families, particularly those earning less than $60,000 a year, to send their kids to college.

Those Pell Grants used to cover 80 percent — 80 percent of the cost of going to a public four-year college.

Today, Pell Grants cover 30 perce- — 30 — roughly 32 percent.  That’s one third of the cost, as opposed to before.

It matters.

I remember walking up — my dad, like probably a lot of your folks, cared a lot about your education.  My dad’s greatest regret was that he never got to go to college.  And my dad was a very well-read man, particularly history and — but it was a great regret —

And he’d always say, “Joey, you’re going to be a college man.”  And I’d say, “Dad, but — well, what does that ma- — I mean, you can still get fired if you’re a college man.” 

He said, “Yeah, but they can never take it away from you.  They can never take your education away.”

And I remember: My senior year, I got into one of the little Ivies and I got into a number of schools, and we were trying to get the money, even with financial assistance, to be able to go there.  We had four kids, all of — all of us wanting to go to school.

And I remember going down after a baseball game — I went to a really good school up in Claymont, Delaware, on the Pennsylvania border.  And I drove down to Newark, Delaware.  My dad worked at an automobile agency.  And I walked in, and I had my spikes and — because the reason I was going down — when your dad works at an automobile agency, you have a great advantage: You get a new car to go to the prom or a u- — a good used car.  You thinking I’m joking.  I’m not joking.

And so, I went down in my ‘51 Plymouth with beach towels for seat covers, and I had my uniform on, my spikes off.  I ran in and the woman whose name was Mary, who ran the place — I said “Mary, where’s Dad?”  She said, “He’s out in the lane going into the repair shop.”  I give you my word, true story.

And my dad was a well-dressed, refined fellow.  And I walked out, and my dad was pacing back and forth between the big garage door going into the — into the repair shop and the door going out of the ro- — showroom. 

And he looked up.  He said, “Oh, Joey, honey, I’m so sorry.  I’m so sorry.”

And I thought, “God, something happened.”  This was before cellphones.  I thought something happened to one of my brothers or my sister or my mom or something.

I said, “What’s the matter, Dad?”  He said, “I went to see…”  The guy’s name was Charlie Delcher, who was the vice president of the Farmers’ Bank, which was a state-owned bank that did a lot of the financing of people wanting to purchase a car.

He said, “I went to Charlie and asked to borrow the money.”  He said, “He won’t lend it to me.”  He said, “I’m so ashamed.  I’m so damn ashamed.”

You know, my dad would — you know, my dad was like millions of parents all across the country who want to help their kids to get to school, but there was just no way to be able to do it.

You know, and — because he believed, as I do, that an education is a ticket to a better life.

That’s something Jill and I, Kamala and Doug, we — we understand deeply.  I’m sure the vast majority of you do as well.

But over time, that ticket has become too expensive for too many Americans.

All of — all of this means is the entire — an entire generation is now saddled with unsustainable debt in exchange for an attempt, at least, at a college degree.

The burden is so heavy that even if you graduate, you may not have access to the middle-class life that the college degree once provided.