“While we acknowledge and welcome the sorely-needed relief that many need, we know that the Biden administration can go further by canceling student debt entirely. So many people need and deserve that relief. 

Black students, who are often forced to borrow at higher rates, hold disproportionate debt, reinforcing the racial wealth gap. In fact, white college graduates have over seven times more wealth than Black college graduates. This debt affects creditworthiness and the ability to do things like purchase a home or obtain capital to launch a business.

Canceling student debt would boost GDP, actually grow the economy, and create some relief for Black people struggling with increasing cost of living and other economic challenges.

We demand the Biden Administration go beyond this initial step by canceling all student debt and addressing higher education institutions that have shifted to a tuition-based business model that allows states to divest from public spending on education – thus creating a situation of high tuition financed by student loans. Unfortunately, the consequences of this decision by institutions of higher learning are falling on borrowers.

While the Administration’s announcement will bring relief to some, we know that more can be done to support Black people across the country.”