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.

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]

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. [3] 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.

The student loan debt now surpasses $1.7 trillion which is collectively owned by 45 million borrowers. [4] 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. [5] 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.

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. https://action.momsrising.org/sign/StudentDebtCancellation/

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