John,
Last week, we launched our digital billboard campaign against U.S. Representatives who’ve refused to sign H.Res.100, a U.S. House resolution that calls on President Joe Biden to eliminate up to $50,000 in student loan debt per borrower. For seven days, lawmakers could not drive through their congressional districts without seeing the phrase “#EliminateStudentDebt” plastered across a 14′ x 48′ screen on Interstate 64 Eastbound—one of the busiest highways in the entire country! We made our message loud and clear: the student debt of Black and low-income borrowers far exceeds their income, let alone their ability to repay. Our communities deserve student debt relief now, and our representatives should do whatever it takes to make it happen!
SEND A LETTER: DEMAND AN ENDORSEMENT OF BROAD STUDENT DEBT ELIMINATION.
SIGN THE PETITION: TELL YOUR REP TO SIGN ON TO H.RES.100.
Federal student loan forbearance has saved Virginia borrowers at least $2,000 in predatory interest fees, and has erased $82.7 billion total in interest payments nationwide.1 For Black and low-income borrowers—whose interest accrual combined with graduate school borrowing results in a $53,000 debt load just four years after graduation—the interest freeze was crucial.2 The money typically spent on interest went toward groceries, hospital visits, and other basic necessities that have long been cut back on or delayed because thousands of dollars in debt loomed over their heads and wallets.
While the Biden Administration recently announced an extension of student loan forbearance until January 31, 2022, we must continue to apply pressure and fight to make broad student debt elimination a reality within the next four months.3 No one should be forced to choose between student loan repayment and the needs of themselves or their families ever again.
Until justice is real,
— The Color Of Change Team
References:
- Ayelet Sheffey, “Freezing student-loan payments saved just $2,000 per borrower, report finds,” Business Insider, April 23, 2021, https://act.colorofchange.org/go/319286?t=12&akid=52021%2E4731121%2EqMBMiX; Melanie Hanson, “Student Loan Debt by Race,” EducationData.org, June 9, 2021, https://act.colorofchange.org/go/319287?t=14&akid=52021%2E4731121%2EqMBMiX.
- Judith Scott-Clayton and Jing Li, “Black-white disparity in student loan debt more than triples after graduation,” The Brookings Institution, October 20, 2016, https://act.colorofchange.org/go/298852?t=16&akid=52021%2E4731121%2EqMBMiX.
- Adam Minsky, “Biden Administration Will Extend Student Loan Pause to 2022, While Advocates Urge Cancellation,” Forbes, August 6, 2021, https://act.colorofchange.org/go/319288?t=18&akid=52021%2E4731121%2EqMBMiX.
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.
