John, many holders of student loans have been getting these emails in their inbox over the past few weeks:
Federal student loan payments will restart in January 2022. Recent polling from Student Debt Crisis and Savi shows that most borrowers are not financially secure enough to restart payments and say that the payment pause has been critical to their financial well-being.1
A pause on payments was good. But canceling student debt is better — and President Biden can lift this burden for more than 45 million Americans on his own without having to wait for Congress to act. John, can you add your name to our petition calling on President Biden to make good on the promises he made on the campaign trail and cancel student loan debt now?
Add your name »
Legal experts and WFP champions in Congress agree: The President has the authority to cancel federal student debt through the 1965 Higher Education Act — a bill that President Biden has already used TWICE to extend the pause on federal student loan payments.
Canceling student debt isn’t just an economic justice issue — it’s a racial justice issue, too. Black student loan borrowers take on a disproportionate amount of loan debt compared to white borrowers, and more than half of Black student borrowers report their net worth is less than they owe in loan debt.
It’s clear: The cancellation of student debt would help level the playing field for millions of Americans. Ahead of the critical 2022 midterms, we think this transformative step toward boosting an economy that works for all of us is one worth taking.
Add your name to our petition calling on President Biden to keep his promise and cancel student loan debt now.
Add your name »
In solidarity,
Team WFP
Source:
1. Student Debt and COVID-19 Survey: StudentDebtCrisis.Org
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