Yesterday, the Biden administration announced that it would cancel $5.8 billion of student loan debt for people with severe disabilities.
This is a great step, but it can’t be the last. $5.8 billion is just 0.34% of the more than $1.7 trillion of student loan debt owed by millions of people across America. Joe Biden has the power to cancel at least $50,000 of debt per borrower. That would be life changing for the 45 million people being held back by this crisis.
Yesterday’s news followed President Biden issuing another half-measure: Extending the moratorium on student loan payments until the end of January. That needed to happen but it’s just not enough.
Simply delaying the inevitable is not going to cut it. Next year, folks crushed by student loan debt — debt that disproportionately affects women and people of color — will have to start paying again. That will mean picking between paying their loans and putting food on the table. After the personal and financial setbacks experienced by so many during this pandemic, now’s not the time to place more burdens on people.
In solidarity,
Pramila