Andrew,
We're going to run some numbers by you. As it stands, student debt is at
$1.75 trillion and over
46 million Americans have student loan debt. Just to put this into perspective with
1 trillion dollars you could buy every sports league – yes that means all of the NFL, NBA, MLB & NHL. As we're all working diligently to make ends meet, provide for our families and jump over white supremacy hurdles placed in front of us, President Biden has proposed a student debt relief plan that will cancel $10,000 in student debt…Please try and take deep breaths as you read this because we're also unsure what that is going to solve.
Black people are the only people who have student debt higher than their median annual income. $10,000 in cancellation would not place their student debt lower than their annual income.
This is the direct result of institutionalized racism that goes way beyond student loans. Restricted access to college planning, along with racial disparities in income, homeownership, and wealth accumulation all play a huge role in how Black people are particularly burdened as a result of this student debt crisis.
To alleviate the Black student debt crisis, President Biden must provide relief to the borrowers who are currently struggling under the weight of their student debt. Andrew, canceling student loan debt plays a major role in achieving liberation for Black people. Will you add your name to our petition calling for President Biden to immediately take action in forgiving all student loan debt? It is hard to believe that despite Black people being the ones to push President Biden to victory, he continues to do the bare minimum for us.
We've been lectured that the way to get out of poverty and achieve middle-class status is by getting a college education…but at what cost? Nobody wants to discuss the weight of student loan debt and how it has increased the racial wealth gap and disproportionately impacts Black people.
Student loan debt has caused many hardships for Americans across the country -- but has had a disproportionate impact on Black students and families. The weight of student loan debt prevents too many Black people from saving money for a house or retirement, paying medical bills or rent, or even affording expenses like groceries and child care.
Education cannot be the key to our success if it's adding to an already significant financial burden. The racial wealth gap widening as Black folks get educated is counter-productive to our success. President Biden canceling all student debt would provide significant relief to the millions of Black people who are burdened with student loans. He needs to hear our demands loud and clear -- add your name to the petition now. In love and solidarity,
Black Lives Matter Global Network Foundation
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