John, it’s time to cancel student debt.
The hard truth is that too many Black students across the country don’t have college funds or family savings to help them pay for school -- forcing them to take out student loans and be burdened with student loan debt upon graduation.
The narrative that success and a better life starts with getting an education has been preached to Black communities for generations. And now, Black people are now not only attending college but graduating at higher rates than before. Black women are even the most educated demographic in the U.S. -- but simultaneously, they hold the most student debt compared to any other demographic in the country.
Education cannot be the key to our success if it’s adding to an already significant financial burden. The racial wealth gap widening as Black folks get educated is counter-productive to our success.
This is the direct result of institutionalized racism that goes way beyond student loans. Restricted access to college planning, along with racial disparities of income, homeownership, and wealth accumulation all play a huge role in how Black people are particularly burdened as a result of this student debt crisis.
President Biden canceling all student debt would provide significant relief to the millions of Black people who are burdened with student loans. He needs to hear our demands loud and clear -- add your name to the petition now.
While President Biden himself has taken minimal action, the U.S. Department of Education is currently in the works of significantly revamping the extremely problematic Public Service Loan Forgiveness Program (PSLF.) The current reform efforts offer up to $4.6 billion in loan forgiveness, with over 550,000 borrowers eligible for relief.
The PSLF program used to require borrowers to use a certain type of payment plan, and certain rules had to be followed to ensure the eligibility of payments. This regressed the issues of student debt tremendously and limited the scope of finding a forgiveness and payment relief plan that worked for all. Now, the PSLF is simplifying rules and regulations, and implementing retroactive changes --
making many folks who were not eligible for loan forgiveness before eligible now.
The program’s forgiveness rate was glaringly less than 6% back in April -- but the revamping of this program could mean big wins for countless Black student borrowers across the country.
The U.S. Department of Education has laid the groundwork for what actions need to come. But the fact of the matter here remains the same: Debt shouldn’t be standing in the way of Black students getting an education and going to college.
To alleviate the Black student debt crisis, President Biden must provide relief to the borrowers who are currently struggling under the weight of their student debt.
If you care about the lives of Black people and Black students -- then you should care about ending the student debt crisis. Sign the petition to demand President Biden take help to close the racial wealth gap by canceling all student debt immediately.
In love and solidarity,
Black Lives Matter Global Network Foundation
