Lamb Introduces Legislation to Tackle the Student Debt Crisis

Statement

(WASHINGTON, DC) -- Today, Representative Conor Lamb (PA-17) introduced the Pay Down, Upskill Act, legislation that would direct the U.S. Department of Education to provide eligible individuals with a one-time education credit of $10,000 to be used to pay down undergraduate student loan debt or to be used as a credit toward the pursuit of additional education or workforce training.

"Student loans are supposed to help people reach their career goals," said Lamb. "Instead, it has burdened too many borrowers with unsustainable amounts of debt, while the cost of higher education is increasingly out of reach for too many. This bill will help reduce student debt loads while at the same time helping more Americans access the education that leads to good jobs."

Credits from the Pay Down, Upskill Act would be available to American adults making less than $75,000, based on the same eligibility criteria used for the previous COVID-19 Economic Impact Payments (EIP). For students interested in pursuing additional education or training, the credit would be eligible at public and non-profit institutions of higher education, as well as for certain certificate programs under the Workforce Innovation and Opportunity Act (WIOA).

Studies have indicated that individuals with student loan debt are struggling to pay off the debt and are less likely than debt-free peers to buy homes, start families or save for retirement.

The Pay Down, Upskill Act is endorsed by Third Way.

Visit Lamb's website for more information on the Pay Down, Upskill Act.

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