Tell President Biden to cancel federal student loan debt for all
borrowers.
[ [link removed] ]Take Action Now
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Dear Friend,
In a little more than 1 week, the moratorium on federal student loans will
expire. And thousands of MomsRising members and families across the
country will once again face the burden and financial strain of
outrageously high student loan payments.
[ [link removed] ]The time is now: Tell President Biden to CANCEL STUDENT LOAN DEBT!
I bet you didn’t know that women hold nearly two-thirds of all student
loan debt and women of color are disproportionately burdened by this debt
due to systemic wealth disparities. And that canceling student debt is a
popular idea? Recent polling suggests two-thirds of Americans support
student debt cancellation, that’s including a large number who never had
debt and never went to college. [1]
[ [link removed] ]The time is now: Tell President Biden to CANCEL STUDENT LOAN DEBT!
But President Biden can make a huge difference in the lives of millions of
borrowers who live with financial anxiety and uncertainty about their
future, including students of color who are disportionately affected by
the rise in student debt. [2] Right now President Biden is on the cusp of
considering at least $10,000 in relief for people making under $125,000 a
year and he’s primed to make that announcement before August 31st. [ [link removed] ]
This is a commendable effort and may relieve some financial strain on many
borrowers but this is not enough.
Let’s be clear, this should not be the extent of what can and should be
done, canceling $10,000 would still leave behind millions of borrowers.
Rather, I see this as an opportunity to address the growing needs of the
people, to address racial inequities and combat the growing wealth gap
within our systems that has permeated and gone unchecked for far too
long. Any student loan debt forgiveness amount under $50,000 is only a
start, it’s a first step towards the broader goal of student debt
cancellation without means testing.
[3]The time is now: Tell President Biden to CANCEL STUDENT LOAN DEBT!
The student loan debt now surpasses $1.7 trillion which is collectively
owned by 45 million borrowers. [ [link removed] ] Borrowers who want to advance their
education in hopes of being part of the quintessential American dream
shouldn’t have to bear years of financial hardship as a result. Families
are struggling to make ends meet and women, Black women and Black
households as is often the case are bearing the heaviest burden. [ [link removed] ] We
must address the significant impact on generations of families who are
weighed down by student debt. Without immediate action, many Black women
who on average owe 22% more in student loan debt than any other racial or
ethnic group, will have to or continue to choose between essential needs
like rent or childcare and debt repayment.
What borrowers need is the cancellation of $50,000 federal student loan
debt. Failing to take action is detrimental to the American people and
will have prolonged negative impacts on wealth building for households,
racial equity and the health of our economy.
Thanks for your continued support,
- Namatie, Ruth, Kristin, and the whole MomsRising.org & MamásConPoder
Team
The louder we are, the more noise we’ll make and the more powerful we’ll
be! After you take action, send this link to your friends and family so
they can participate too. [link removed]
References:
[1] [4]Student debt cancellation isn’t political. It’s the right thing to
do.
[2] [5]Student Debt Cancellation IS Progressive: Cancellation as a Tool to
Address Racial and Economic Inequity
[3] [ [link removed] ]White House Leaning toward canceling $10,000 in student loan debt
for borrowers who make less than $125,000
[4] [ [link removed] ]Student Loan Debt Statistics In 2022: A Record $1.7 Trillion
[5] [ [link removed] ]Deeper in Debt_Women and Student Loans
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