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Dear John,
Public comments are now open on the Department of Education’s new plan for widespread student debt relief. This is the plan designed to replace President Biden’s initial plan to forgive up to $20,000 of student debt per person, which was struck down by the Supreme Court’s conservative justices.
The new plan would provide serious debt relief to millions of people. Up to $20,000 in accrued interest could be canceled, regardless of income. For individuals making less than $120,000 or couples making less than $240,000, all the accumulated interest could be forgiven. And additional support would be available for 2.6 million people who still owe debt on student loans from 20 years ago or more.
In many cases, the dollar amount of the initial loan was paid some time ago, but with so much going into interest payments over time, the principal is still not paid off.
Student debt relief is good for everyone, even those without debt. When Americans aren’t burdened by debt, they have more money to spend, which fuels the whole economy. They’re also more likely to start a business, buy a home, or start a family. And they’re less likely to rely on government assistance.
The people with the most student debt are often people doing some of the most important jobs in society, like teachers and nurses.
This is why we need to show the Department of Education that support for student debt relief is widespread based on the impact that will be felt in personal lives. Share your stories now by contributing a comment to the RISE student activist website today!
When college is not affordable to large segments of the American population, the resulting financial obstacles perpetuate deep-seated inequalities in society. Structural racism and sexism are built out of endless cycles of debt, as interest payments accumulate more quickly than the individual’s ability to pay.
These cycles of debt prevent people from building economic security and making progress in their careers and personal lives. The negative impact of this crushing debt falls disproportionately on people of color, women, and those with disabilities.
It’s a Catch-22, where the cost of the very same education that drives opportunities for advancement simultaneously strips the individual of resources needed to make to get ahead.
It’s time for us to alleviate this crisis and begin dismantling these systemic inequities, making the American Dream accessible to people at every socioeconomic level. The Department of Education’s plans will make a huge difference to families who are struggling to get by, and they will encourage potential students who may be questioning the affordability of education for their own future.
Submit your comments to be forwarded to the Department of Education today. They need to know how important this issue is to the American people.
Thank you for speaking up for financial justice and affordable higher education.
Robert Reich
Inequality Media Civic Action
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