John,

The Department of Education has developed a new plan for student debt relief that, if implemented, will bring real debt relief to millions of people. The new plan is designed to replace President Biden’s original plan for up to $20,000 per person in debt forgiveness -- the plan that right wing justices on the Supreme Court struck down.

Under the new plan, 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, the entire amount of accumulated interest would be forgiven. The plan also includes further support for the 2.6 million people who are still paying off their student loans from 20 years ago or more.

In many cases, the dollar amount of the initial loan was paid years ago, but with interest payments compounding month after month after month, the principal is still not paid off with so many dollars going into interest. This continual accrual of interest is one of the greatest barriers to the repayment of student loan debt, so forgiving interest payments will be a huge boon to millions of people.

Now, public comments are needed to demonstrate the impact student debt relief will have on people’s lives. Sign on to the official comment created by our partners at the student activist run RISE before the deadline for submission with the DOE now.

Addressing the problem of student debt and the affordability of college is a crucial issue of social justice, with far-reaching consequences for the quality of our civil society. When too many Americans are unable to afford to attend college, the result is the perpetuation of deep-seated inequalities. Endless cycles of debt reinforce structural racism and sexism, as interest payments accumulate more quickly than the individual’s ability to pay.

These endless cycles of debt disrupt individuals’ ability to build economic security, delaying or making impossible the starting of new businesses, home purchases, even the decision to start a family. The negative impact of this crushing debt is a heavy weight on people’s lives, and it falls disproportionately on people of color, women, and those with fewer resources.

Student debt tends to be most persistent for many of those who are doing some of society’s most important, but not necessarily most lucrative, jobs, such as teaching, nursing, or even working for social change.

But everyone benefits when student debt is brought under control. When the burden of heavy debt is lifted, people have more income available to help make a lively economy. They are also less likely to have to depend on public benefits.

It’s time to make the American Dream accessible to everyone! The new student debt relief plan will make a huge difference, especially for families struggling to get by, and it offers hope for the students of tomorrow to make the leap and invest in their own education.

Submit your comment today by adding your name! They will be forwarded to the Department of Education to provide evidence of how important this issue is to the American people.

Thank you for helping build a debt-free world for millions of Americans!

- DFA AF Team