As the student loan debt total approaches $2 trillion, President Joe Biden announced April 6 he would extend again the pause on student debt payments to September 1 to allow borrowers more time to recover from COVID-19’s economic devastation.
It’s time to give borrowers real peace of mind and eliminate a major hurdle to racial and social justice in America: cancel all student debt. Biden can do this with an executive order, and it’s a simple, effective way for him to add billions back into our economy, create jobs, and narrow the racial wealth gap.
Study after study shows borrowers of color carry the highest burden of student debt.
And according to work by the Student Borrower Protection Center, “Black borrowers both acquire more debt and, due to wage and employment inequities in the labor market, are in more precarious positions when it comes to their ability to repay.”