From Moms Rising (https://www.momsrising.org/):
One person’s story:
When I graduated high school in Florida, I had a Bright Futures scholarship (the state scholarship program) and later received two merit based scholarships. I was approved for the Federal Work Study Program and my parents did everything they could to help, but the Great Recession hit my family hard and I was forced to finally take out student loans if I wanted to finish my education.
I remember everyone telling me to do it. That it was an investment that I would be able to **easily** pay off once I graduated. Over 10 years later of working and even starting a family, nothing could be further from the truth and I’m not alone.
Families are falling on hard times yet again, but this time instead of leaders saddling families with additional debt that will only further increase the wealth gap in this country, our leaders can help jumpstart the economic recovery of our families by cancelling student debt.
SIGN ON at https://action.momsrising.org/sign/student-loans-2021/ to urge President Biden to cancel at least $50,000 in student loan debt as proposed by Senator Schumer and Senator Warren in Senate Resolution 711 for each borrower through Executive Action! [1] *When you click, you’ll automatically sign on if we already have your information.
A recent study showed that there are “45 million borrowers who collectively owe nearly $1.6 trillion in student loan debt in the U.S. Student loan debt is now the second highest consumer debt category – behind only mortgage debt – and higher than both credit cards and auto loans.” [2] Women currently hold about two-thirds of all U.S. student loan debt. [3]
MILLIONS of borrowers, many left owing more than they first borrowed after years of making payments, sounds like a systemic problem to me…NOT an epidemic of personal failings.
And things are about to get SO much worse because of the pandemic. This is why we have to speak up!
Student debt was a crisis even before the pandemic with Black and Latinx communities being hit the hardest, particularly women. [4] The same communities being disproportionately impacted by COVID-19’s health and economic fallout. And we aren’t just talking about millennials. Right now, “student debt is one of the biggest contributors to the rise in the amount of debt seniors hold overall” with thousands having their social security checks garnished to mostly pay for just fees and interest rates on an already fixed income. [5] With many borrowers owing more than they borrowed, profits are being made off the backs of already historically marginalized communities and some of our most vulnerable elders. This is NOT okay and it HAS to stop.
That’s the bad news. The good news is that according to a Roosevelt study released this year, cancelling student debt can increase wealth for Black and Latinx households and help close the racial wealth gap! [6] Cancelling student debt is also a huge stimulus opportunity amid this pandemic to support families and increase spending in our economy, like home buying. [7]
Sign now! When you click, you’ll automatically sign on to our letter which reads:
Dear President Biden:
As the COVID-19 pandemic continues families are falling with no end in sight and will need more than stop gap measures to fully recover.
That is why I’m signing on to urge you to cancel at least $50,000 in student loan debt as proposed by Senator Schumer and Senator Warren in Senate Resolution 711 for each borrower through an Executive Action.
A recent study showed that there are “45 million borrowers who collectively owe nearly $1.6 trillion in student loan debt in the U.S. Student loan debt is now the second highest consumer debt category – behind only mortgage debt – and higher than both credit cards and auto loans.” Women currently hold about two-thirds of all U.S. student loan debt.
Student debt was a crisis even before the pandemic with Black and Latinx communities being hit the hardest, particularly women. The same communities being disproportionately impacted by COVID-19’s health and economic fallout. And we aren’t just talking about millennials. Right now, student debt is one of the biggest contributors to rising debt among seniors with thousands having their social security checks garnished to mostly pay for just fees and interest rates on an already fixed income. With many borrowers owing more than they borrowed, profits are being made off the backs of already historically marginalized communities and some of our most vulnerable elders.
Forgiving a minimum in 50k student loan debt can go a long way in alleviating this crisis. According to a Roosevelt study released this year, cancelling student debt can increase wealth for Black and Latinx households and help close the racial wealth gap. Cancelling student debt is also a huge stimulus opportunity amid this pandemic to support families and increase spending in our economy, like home buying.
The decision here is clear and I urge you to help jumpstart the economic recovery of our students, families, and elders by taking decisive action to forgive at least 50k in student debt.
This just makes sense – so LET’S GET IT DONE!
Add your name to urge President Biden to cancel at least $50,000 in student loan debt through Executive Action! *When you click, you’ll automatically sign on if we already have your information.
The more of us who raise our voices on this issue, 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/student-loans-2021
Together, we are a powerful voices for families!
[1] Congress.gov, S.Res.711 – A resolution calling on the President of the United States to take executive action to broadly cancel Federal student loan debt.
[2] Forbes, Student Loan Debt Statistics In 2020: A Record $1.6 Trillion
[3] AAUW, Deeper in Debt: Women & Student Loans
[4] The Nation, Debt Is Holding Black Americans Hostage
[5] CNBC, Op-ed: Forgiving student debt will help senior citizens, too
[6] Roosevelt Institute, Student Debt Forgiveness Options: Implications for Policy and Racial Equity
[7] Administrative Student Debt Relief
Leave a Reply