federal benefit. president biden: hey folks, or good afternoon. we became the best educated public in the world. ted public in the world and better prepared than any other nation and i would argue that it is one of the reasons why we were so successful and have been so successful. as you have observed, other nations have caught up and in the 21st century, i think the vast majority of americans, 12 years of universal education is not enough. they were going to be outcompeted by the rest of the world. here is the deal. across education beyond high school has gone up significantly and the cost to attend the public for your anniversary has tripled in 40 years. -- four year anniversary has tripled in 40 years. united states has cut back -- for their state university and leaving students to pick up more of the tab. 450 years, pell grant have been a key way for the federal government to help lower income families, particularly those who are earning less than $60,000 a year to send their kids to chop -- college. they used to cover 80% of the cost of going to college. now they cover roughly 32%. that is one third of the cost. it matters. i remember walking up and my dad, like a lot of your folks, cared about education. my dad's greatest regret was that he never got to go to college and he was a very well read man, he would always say joe, you will be a college man. i said, dad, what is that matter --does that matter? you can still get fired. he said, yeah but they will never take your education away. my senior year, i went to -- i got into a lot of ivy leagues and we had financial assistance to go there. we had five kids and all of us wanting to go to school and i remember after going to a baseball game, i went to a really good school in claymont, democrat or -- delaware. i walked in and i had -- the reason i was going down and my dad worked in the buildings and there was a great advantage. you can get a good used car to go to prom so i went down in my 51 plymouth with beach towels for seat covers and i have my uniform on and my spikes off. i have ran to a woman and i asked where i dad was stuck -- dad was. my dad was a well-dressed below and he was pacing back and forth between the big garage going into the repair shop in the door going out of the showroom -- and the door going out of the showroom and he said, joey, i am so sorry. this was before cell phones. i thought something happened to my family. he said i went to see, i guy named charlie belcher --delcher, -- i went to charlie and asked to borrow the money and he said, he won't lend it to me and i said -- he said i am so damn ashamed. my dad was like millions of parents across the country, wanting to help kids to go to school but there's no way to do it. he believed as i do that education is a ticket to better life. we understand deeply and i am certain many you understand as well put the ticket has become to expensive. all this means is the entire generation is not settled but unsustainable debt for exchange for a 10 -- for the college the re-. -- degree. many people cannot qualify for a mortgage to buy a home because of that that they continue to carry -- the debt that they carry -- continue to carry. a lot of folks are putting off starting families because of the costs and the dream of owning a business is way off in the distance with the debt so many are saddled with. many of you had to leave school because of financial strength. -- strain. about a third of the borrowers have debts with no degree. the worst of both worlds. it is especially heavy on black and hispanic borrowers who have on average less family to -- money to pay for. -- pay for it in the pandemic make things works. we responded aggressively to the pandemic. you will --you were all very. we increased benefits and provided loans to small businesses to stay afloat and take care of their families and employees. we applied assistance to families to put food on the table. -- just waiting for a box of food to be put into the truck? in the united states of america. wedding for over -- waiting for over an hour to get food in the truck -- trunk? the approach to of americans who needed the most was necessary and it was to help people avoid financial crisis and that helps our whole country. have benefited the whole economy -- it's benefited the whole economy. our approach was faster and stronger than any other advanced nation in the world. it is time to address the burden of student debt. working closely with the secretary of education, he has the hard job. here is what my administration will do. we will provide more relief for people. we will fix the system itself. we acknowledge it was broken in terms of -- anyway. there are three key factors. we made incredible pockets and venting america's economic recovery and we wound down pandemic really programs like the ones -- unemployment insurance is an small success and it is prudent we do the same thing for student loans will stop the student -- loons -- loans. the student loan possible end. it is time for the payments to resume. my campaign for president, i made a commitment that would provide student debt relief and i am honoring that commitment today. we will forgive $10,000 in outstanding federal student loans, and in addition, students who come from low income families, which allowed them to qualify to receive a pell grant, will have their debt reduced $20,000. both of these actions are for families who need it the most, working and middle-class -- people working hard on the pandemic -- under the pandemic, making less than $120,000 a year. one -- no high income individual or high income household. on top about 5% of incomes, will benefit from this action, period. about 90% of the eligible beneficiaries make under $75,000. here's what that means. if you make under 125,000 dollars, you get $10,000 knocked off student debt. as you make under $125,000 at year end you receive up pell grant, you will get an additional $10,000 knocked off. 95% of the borrows -- borrowers will benefit from the action. of the 43 million people, 60% are pell grant recipients and that is 27 million people who will get $20,000 of debt relief. 45% will have the student debt fully canceled. 20 million people who can start living their lives. people can crawl under the mountain of debt to get on top of rent and utilities and to think about buying a home or starting a family or starting a business. by the way, when this happens, the whole economy is better off. the department of education will lay out a short form to apply for this relief, along with information on this application process. by resuming student loan payments at the same time as we revive targeted relief, we are taking the economically responsible records --course. independent experts agree that these actions taken together will provide real benefits for families without meaningful effect on inflation. i hear it all the time. how do we pay for it? we pay for it by what we have to. last year, we cut the deficit by over $350 billion and we are on track to cut it by over 1.7 trillion? --$1.7 trillion. another act will cut it over a 300 billion dollars. the point is this. there is plenty of deficit reduction to pay for the programs many times over. i will never apologize for helping americans working -- working americans and middle-class, especially not to the same folks who what if rachel trillion -- 48 $2 trillion tax cut that helped big corporations that slow the economy and was not paid for and wrecked up an enormous deficit. just as we never apologize when the federal government for gave almost every single cent of over seven hundred billion dollars in loans to hundreds of thousands of small businesses across the america during the pandemic. no one complained those loans cost inflation. a lot of these folks are working in middle-class families. the outrage to help people for student loans is that wrong --is dead wrong. we are fixing the student loan system itself. this is a sporting --important. we are making an income payment driven plant simple. --plan simple. no one going to a community college or four-year college will have to pay over 5% -- after you pay for access -- necessities like food and liked. we are cutting it to 5% and after you pay your loan for 20 years, your obligation will be fulfilled, many of you have to pay any more, period. the borrows -- will be done paying after 10 years. these changes will save thousands of dollars. we are fixing what is called, and this is his -- this is the bane of driving me crazy. the public loan forgiveness program. it will encourage students who had those loans, if they go into public service. think of the millions who are. public schools teachers, police officers, workers at local charities and members at the military and national guard, think of the folks who work for federal and state and local government, keeping services going. all those firefighters and cops, the programs is designed so if you serve in one of these jobs and you will be able to accurately assess if you do, and make your loan payments for 10 years, even if it is not consecutive years, your balance will be forgiven. it is a great idea but the program is a mess. an efficient and complicated -- in efficient and complicated. the system is so restrictive that the active-duty service then count as public service and the loan is not forgiven. it is outrageous. we will fix it. the department of proposed a change to make the program better and much better and now, the department issued a emergency temperature change to record actively -- public service to retroactively -- more than 175,000 teachers, local -- nurses, police officers have been able to get over $10 billion through loan forgiveness and this opportunity expires on october 31, 2022. my message to all public servants, all the ones who are volunteering, there's out with student debt. go to pslf.gov before october 31 to see if you qualify for public service student loan forgiveness . this is a game changer and we will have people there to help direct you and working you through the process. one more big change we are making is that we are holding colleges accountable for jacking up costs without bring value to students. we have heard of schools luring students with the promise of big paychecks when they graduated and only to be left with mountains of debt. i am administration is taking it out. --my administration is taking it out. the department of education fired a college creditor that allowed other cultures to defraud. the public service -- we have been able to cancel more than $32 billion in student debt for more $.6 billion -- our goal is to shine a light on the worst actors so students can avoid these death traps. i understand not everything i am announcing is going to make everyone happy. some things are too much. it is interesting how some of my republican friends who voted for the tax cuts and others think we should not help these folks. some things are too little. my plan is responsible and fair? it focuses the benefit on middle-class and working families? it helps current and future borrowers and will fix a badly broken system. these actions both my administration's effort to make college more affordable. it includes more press -- unprecedented investments. more than 6 billion in college -- black colleges and universities. i must be honest. i will continue to fight for doubling the pell grant's. i didn't get it done this time. 12 years of universal education is not enough. we will continue to work for universal pre-k and -- for every three and four-year-old. let me close with this. our aim for office to grow the economy from the bottom up and the middle, because when we do that, everyone does better. the wealthy do well. the poor have a way up in the middle class has grieving -- breathing room and that will help americans help -- win the economic crisis of the 21st century. how do we remain the most competitive nation in the world? that is what today's announcement is about. it is about opportunity and giving people a great shot. it is all about providing possibilities. we will have more to say about this. a lot of materials will be put out have -- on how this is being implemented. thank you and god bless you all. >> -- pres. biden: i didn't have any advance notice. >> is fair to people to -- who paid student loans or did not take out loans? pres. biden: is it fair to people who did not own multibillion-dollar business -- is that fair? >> [indiscernible] and others don't have to? >> spi studs from china, russia, japan and north korea. he will examine that with a look back into our archives with the hoover institute senior fellow and author of spies, lies and algorithms. >> we are living in a moment of reckoning akin to 9/11, where the intelligence community has to undergo a radical transformation to deal with the threats driven by new technology. i think about these threats and driven by technology in terms of five wars they create -- more threats that can work across vast distances in cyberspace, more speed, threats are moving at much faster paces than before. more data intelligence analysts have to confront -- they are drowning in data. more customers that don't have security intelligence and people like voters who need to understand for an interference. and more competitors. that's probably the most challenging. u.s. intelligence agencies don't dominate the collection of information like they did in the cold war. >> five lies and algorithms. tonight on c-span's "q&a". >> c-span's washington journal. every day, we take your call live on the air on the days news and policy issues that impact you. coming up monday morning, as the primary season comes to a close, we will talk about the outlook of the midterm elections and we will discuss monday's artemis test flight and the future of deep space exploration with a former national -- former nasa deputy administrator. that's monday morning on c-span, or on c-span now, our free mobile video app. join the conversation with your phone calls, facebook comments, text messages and tweets. nal" continues. host: we are joined by jared bass of the center for american progress and preston cooper of the foundation for research article opportunity. they join us for a chat about president biden student loan forgiveness plan. good morning.

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