Student debt was already a drag on economic prosperities for millions of Americans – and this was before COVID-19. It weighed heaviest on Black and Latinx communities. Today, hundreds of national and statewide organizations are calling on President-elect Joe Biden to cancel all student debt on his first day in office.
More than 230 community, civil rights, climate, health, consumer, labor, student advocacy organizations, including SEIU, to call on Biden to use executive authority to cancel federal student debt on day one of their administration. CFA is in support of the letter and the cancellation of student debt.
Cancelling student debt would help stimulate the economy and help reduce the racial wealth gap.
“Cancelling student debt would disproportionately help borrowers of color, respond to the coronavirus crisis, and provide much needed economic relief and stimulus,” reads the sign-on letter. “We call on you to deliver on the promise of the Biden-Harris Racial Economic Equity plan by cancelling federal student debt by executive action on Day One of your administration.”