For decades, young Americans have been told that if they get a degree and work hard, the jobs they'd get as college graduates would make paying off their loans a relatively simple prospect – but that’s just not true for the 45 million Americans who are currently still in debt from their education. 

Student debt has become a national crisis – but it doesn’t have to be this way. For over two years, student loan payments have been paused due to the pandemic. Payments are set to resume Sept. 1, but President Biden has the executive power to cancel all student debt with the stroke of a pen.

With this Sept. 1 deadline looming over borrowers’ heads, Civic Action is calling on President Biden to cancel student debt this summer, but we want to know what you think about this issue. Please, weigh in now:

Should President Biden cancel student debt?

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Canceling student debt is key to reducing income inequality and the racial wealth gap. A recent study shows that Black and Latinx students are more likely than white students to take out loans for college or to default on their loans. To put things in perspective, the study found that 20 years after starting college, white borrowers’ median student debt fell to 6%, whereas the median Black borrower still owed 95% of their student loans.

Hundreds of years of discriminatory laws have blocked millions of American families from building the kind of generational wealth that could easily pay off skyrocketing tuition bills. By canceling student debt, President Biden could reduce racial wealth disparities and allow working families to build better lives for themselves and their children.

Not only is canceling student debt the morally right thing to do, it would also stimulate the economy. If Americans don’t have to make monthly student loan payments, they would have more money in their pockets to spend at local businesses or to even invest in businesses of their own. According to a study by the Levy Economics Institute of Bard College, canceling $1.4 trillion of student loan debt would grow the GDP every year thereafter by between $86 billion and $108 billion a year. 

That’s why Civic Action has been calling for student loan forgiveness for years – and President Biden could FINALLY take meaningful action on this issue any day now. That’s why we want to know what you think. Please, answer our poll now:

Should President Biden cancel student debt?

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Thanks for making your voice heard.

– Team Civic Action



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