$1.7 Trillion. 45M Americans. 70 Days.

Hi John, 

September 30, 2021. The date on which millions of Black and low-income borrowers will be pushed into financial ruin because neither the Biden administration nor U.S. Congress members put our needs first. The student loan forbearance has been a critical lifeline to our communities—we’ve been able to meet payment deadlines for rent and utilities, put money into our retirement accounts, and even journey into parenthood.1 But when it expires, Black and low-income borrowers will face even greater challenges to repayment as our communities remain the hardest hit by coronavirus layoffs and the slowest to recover. According to the June 2021 Student Debt & COVID-19 Survey Report, 94% of Black borrowers do not feel financially secure enough to resume federal student loan payments and 62% of low-income borrowers (those earning less than $35,000 annually) will be unable to afford their student loan payments just six months from now.2

Yes, i believe that no one should have student LOAN debt!

That’s why we’re reaching out to you today! Next week, we’ll be launching a digital billboard campaign in Virginia—where the median student loan debt-to-income ratio exceeds the national average, HBCU students at Hampton University borrow at higher rates than white students at the University of Virginia, and lawmakers sit idle as their constituents are being crushed by $40.3B in student loan debt.3 Our goal: to pressure U.S. Representatives to sign H.Res.100, a resolution that calls on President Biden to eliminate up to $50,000 in student debt per borrower!4 Not only would this move completely erase the debt load of 48% of all Virginia borrowers, it would have astronomical benefits for every last one of the 45 million Americans with outstanding student debt.5 

But John, in order to launch our billboard on time, we need to raise an additional $2,000 by END OF DAY TOMORROW! So if we want lawmakers to do right by Black and low-income Virginians, then we must show solidarity. No amount is too small; even $1 would make a huge difference. Will you donate to our billboard fund and power the fight to #EliminateStudentDebt by September 30? 

Until justice is real,

— The Color Of Change Team

References:

  1. Pia Peterson, “Student Loan Relief Has Changed the Lives of Millions of Americans. It Ends in September,” BuzzFeed News, May 25, 2021, https://act.colorofchange.org/go/313611?t=10&akid=51621%2E4731121%2EqyX1Hr.
  2. “Student Debt & COVID-19: Survey Report,” Student Debt Crisis and Savi, series III (pp. 4-6), June 2021, https://act.colorofchange.org/go/313612?t=12&akid=51621%2E4731121%2EqyX1Hr.  
  3. Laura Beamer and Eduard Nilaj, “Millennial Student Debt: Comparison Tool,” The Jain Family Institute, February 2021, https://act.colorofchange.org/go/312056?t=14&akid=51621%2E4731121%2EqyX1Hr; Melanie Hanson, “Student Loan Debt by State: Virginia,” EducationData.Org, June 12, 2021,   https://act.colorofchange.org/go/312054?t=16&akid=51621%2E4731121%2EqyX1Hr; U.S. Department of Education, College Scorecard, https://act.colorofchange.org/go/313715?t=18&akid=51621%2E4731121%2EqyX1Hr
  4. Ayanna Pressley, “H.Res.100 — 117th Congress (2021-2022): Calling on the President of the United States to Take Executive Action to Broadly Cancel Federal Student Loan Debt,” U.S. Congress, February 4, 2021, https://act.colorofchange.org/go/312055?t=20&akid=51621%2E4731121%2EqyX1Hr.
  5. Melanie Hanson, “Student Loan Debt by State: Virginia,” EducationData.Org, June 12, 2021,   https://act.colorofchange.org/go/312054?t=22&akid=51621%2E4731121%2EqyX1Hr.