Tell President Biden we need $50K in student loan forgiveness!

Quick signature: Tell President Biden we need $50K in student loan forgiveness!

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. 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.

Mom-graduate with son

Sign now! Urge President Biden to cancel at least $50,000 in student loan debt through Executive Action!

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.

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