John, now, more than ever, we need to apply pressure!

 

Dear John, 

He heard us. We learned last week that President Joe Biden is now “actively considering” broad student debt elimination of up to $50,000!1 This is huge. According to our February 2021 Student Debt Elimination Survey, more than half of Black voters hold or have held student loan debt, and over one-third (34%) owe between $15,000 and $50,000.2 With compounding interest rates ranging from 2.75% to 12.58% annually, Black and low-income graduates often become trapped in never-ending cycles of long-term debt, owing more than the amount borrowed.3 While the Biden administration investigates the legality of this executive action, it is imperative that we apply pressure.1 John, tell the Biden administration to #EliminateStudentDebt now!

Sign the petition:

Higher education should not be a long-term debt sentence!

To date, President Biden has eliminated $2.3 billion of student loan debt for more than 110,000 borrowers, including $1.1 million for borrowers with defaulted Federal Family Education Loans (FFEL) and $2.2 billion for borrowers with a total or permanent disability.4 This piecemeal approach to the student loan debt crisis has failed to place a dent in the $1.7 trillion of outstanding student loan debt, and has excluded 44.9 million Americans from much-needed economic relief. 

But, John, student debt elimination would have astronomical effects for us all. With Black graduates holding $25,000 more in student loan debt than white graduates, student loan debt elimination would narrow the racial wealth gap.5 Applying to all 45 million American borrowers, it would alleviate the economic angst of lower- and middle-class families. And with the cost of a degree as a major reason Black voters did not pursue college or complete their four-year degree program, it would provide our communities with a second chance to dream.6 We deserve it, and so desperately need it!

SIGN THE PETITION:

FINANCIAL MEANS SHOULD NEVER LIMIT ONE'S ABILITY TO DREAM BIG!
The student loan debt crisis requires an immediate, long-term solution. Saddled with other financial responsibilities, such as child rearing and rental payments, Black graduates with bachelor’s degrees default at five times the rate of white graduates—drastically lowering their credit scores and thus creating insurmountable barriers to auto-lending and homeownership.7 Ultimately, the student loan debt crisis is a racial and economic justice issue that directly affects the livelihoods of Black people.

SIGN THE PETITION:

tELL THE BIDEN ADMINISTRATION TO #ELIMINATESTUDENTDEBT!

Until justice is real, 

— The Color Of Change Team

References: 

  1. Annie Nova, “Biden asks Education Secretary to see if he can legally cancel student debt,” CNBC, April 1, 2021, https://act.colorofchange.org/go/298848?t=11&akid=49637%2E4731121%2EY1ISjr.
  2.  Derrick Clifton, “Most Black voters support eliminating student loan debt, new survey finds,” NBC News, February 16, 2021, https://act.colorofchange.org/go/295916?t=13&akid=49637%2E4731121%2EY1ISjr.
  3. Elyssa Kirkham, “What is the average loan interest rate?,” The Balance, March 28, 2021, https://act.colorofchange.org/go/298849?t=15&akid=49637%2E4731121%2EY1ISjr.   
  4. Zach Friedman, “Biden cancels $1.3 billion of student loans — his plan for student loan cancellation is becoming clear,” Forbes, March 29, 2021, “https://act.colorofchange.org/go/298850?t=17&akid=49637%2E4731121%2EY1ISjr; Zach Friedman, “Student Loan Relief for 1 Million More Borrowers — After Biden Cancels $2.3 Billion of Student Loans,” Forbes, April 1, 2021, https://act.colorofchange.org/go/298851?t=19&akid=49637%2E4731121%2EY1ISjr. 
  5. Judith Scott-Clayton and Jing Li, “Black-white disparity in student loan debt more than triples after graduation,” The Brookings Institute, October 20, 2016,  https://act.colorofchange.org/go/298852?t=21&akid=49637%2E4731121%2EY1ISjr 
  6.  Derrick Clifton, “Most Black voters support eliminating student loan debt, new survey finds,” NBC News, February 16, 2021, https://act.colorofchange.org/go/295916?t=23&akid=49637%2E4731121%2EY1ISjr. 
  7. Judith Scott-Clayton, “Shrinking Racial Gaps in Student Debt and Default: Recommendations to Congress,” Columbia University, March 6, 2019, https://act.colorofchange.org/go/298853?t=25&akid=49637%2E4731121%2EY1ISjr.

Color Of Change is building a movement to elevate the voices of Black folks and our allies, and win real social and political change. Please help keep our movement strong.

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