John,
President Biden made a promise on his campaign trail to help close the racial wealth gap – he can do this with a stroke of a pen.
Black people are the only people who have student debt higher than their median annual income. Small amounts of cancellation would not place their student debt lower than their annual income – that's why ALL of it must go.
This is the direct result of institutionalized racism that goes way beyond student loans. Restricted access to college planning, along with racial disparities in 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.
Our demand is simple: President Biden, it's time to cancel ALL student debt. Public loans, private loans, state loans, federal loans…you name it. Sign our petition below, and if you're able, take it a step further by submitting your own personal story about how student loans are impacting your life as a Black borrower.
Black unemployment rates have been increasing since the pandemic. This, in combination with racist pay discrepancies, is just another setback that will systematically prevent Black people from being financially free.
Recent news reports note that loan payments will resume on September 1st, which is 22 days away.
All the while, our economy is in shambles, grappling with impacts from COVID-19 – with things like rent and groceries peaking their national average costs, and are higher than ever before.
President Biden needs to hear directly from you, John. Take a moment and add your name to our petition demanding President Biden cancel ALL student debt, and share your story if you're a Black borrower suffering from crushing debt.
In love and solidarity,
Black Lives Matter Global Network Foundation
