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As a young immigrant, I took out thousands of dollars in debt to go to for-profit college—thinking it was part of the American Dream.
Like millions of Americans, I was left deeply in debt with a worthless degree and shoddy education. #CancelStudentDebt
Like millions of Americans, I was left deeply in debt with a worthless degree and shoddy education. #CancelStudentDebt
I was fortunate enough to eventually go to a public university and begin to pay it off, but millions do not have that luxury.
Here are some misconceptions about who has debt and why we need full cancellation.
Here are some misconceptions about who has debt and why we need full cancellation.
Is this really a crisis?
Yes! Student debt has more than doubled in just 10 years. 45 million Americans now are saddled with over $1.7 trillion in debt—and the delinquency rates have nearly doubled. https://educationdata.org/student-loan-debt-statistics
Yes! Student debt has more than doubled in just 10 years. 45 million Americans now are saddled with over $1.7 trillion in debt—and the delinquency rates have nearly doubled. https://educationdata.org/student-loan-debt-statistics
Isn’t it already cancelled during the pandemic?
Student loan interest is on hold during the pandemic—but the debt is not forgiven. That means millions will owe thousands of dollars in backpay if that debt isn’t relieved. https://www.nerdwallet.com/article/loans/student-loans/you-can-pause-two-student-loan-payments-but-should-you
Student loan interest is on hold during the pandemic—but the debt is not forgiven. That means millions will owe thousands of dollars in backpay if that debt isn’t relieved. https://www.nerdwallet.com/article/loans/student-loans/you-can-pause-two-student-loan-payments-but-should-you
Does President Biden have the authority to end the crisis?
Yes! The federal government owns 92% of the $1.7 trillion in student debt. Biden can forgive it with the stroke of a pen.
Yes! The federal government owns 92% of the $1.7 trillion in student debt. Biden can forgive it with the stroke of a pen.
Is student debt a rich kid problem?
No! 40% of people with student loan debt don’t even have a college degree. These have been some of the hardest-hit families during the pandemic and are *3 times* more likely to default. https://twitter.com/alexisgoldstein/status/1357513593730793472
No! 40% of people with student loan debt don’t even have a college degree. These have been some of the hardest-hit families during the pandemic and are *3 times* more likely to default. https://twitter.com/alexisgoldstein/status/1357513593730793472
Does student debt relief only help elite college students?
No. The average public university student borrows *$30,030* to get a bachelor’s degree. Only 17% of for-profit college attendees graduate without debt. https://www.brookings.edu/policy2020/votervital/who-owes-all-that-student-debt-and-whod-benefit-if-it-were-forgiven/
No. The average public university student borrows *$30,030* to get a bachelor’s degree. Only 17% of for-profit college attendees graduate without debt. https://www.brookings.edu/policy2020/votervital/who-owes-all-that-student-debt-and-whod-benefit-if-it-were-forgiven/
Will student debt relief only help white families?
The opposite. Black graduates average $25,000 more in student loan debt than white college graduates. In fact, the majority of black borrowers owe more in debt than their entire net worth. https://educationdata.org/student-loan-debt-by-race
The opposite. Black graduates average $25,000 more in student loan debt than white college graduates. In fact, the majority of black borrowers owe more in debt than their entire net worth. https://educationdata.org/student-loan-debt-by-race
Is this generational warfare?
No. Parents are increasingly saddled with debt too. The amount of debt taken out by parents has tripled in the past 25 years. https://www.insidehighered.com/news/2020/01/28/study-finds-large-share-parents-struggle-repay-federal-plus-loans
No. Parents are increasingly saddled with debt too. The amount of debt taken out by parents has tripled in the past 25 years. https://www.insidehighered.com/news/2020/01/28/study-finds-large-share-parents-struggle-repay-federal-plus-loans
What if I had to pay off my debt?
Before Social Security, seniors were destitute. Before SNAP, food insecurity was rampant. In other words, past harms should not be an excuse for inaction.
We want a world where future generations are not held back because of crushing debt.
Before Social Security, seniors were destitute. Before SNAP, food insecurity was rampant. In other words, past harms should not be an excuse for inaction.
We want a world where future generations are not held back because of crushing debt.
What about future students? What about early education?
Student debt relief is one component of a moral society. We also need to make college tuition-free so debt is not accumulated moving forward and invest in universal early education. These are not at odds!
Student debt relief is one component of a moral society. We also need to make college tuition-free so debt is not accumulated moving forward and invest in universal early education. These are not at odds!
