Tweet at President Biden and Tell Him to Cancel Student Debt

Over the past 20 years, the price of higher education has been on an exponential rise, as has the pressure to get a college degree in order to “stay competitive” in the job market, all while wages have remained stagnant. And let’s not forget that an entire generation spent their formative years fighting against two economic recessions, and the benefits of the current recovery are still not being felt by everyone. 

Now, there are nearly 45 million people holding more than $1.8 trillion in student debt. This is why President Biden must cancel at least $50k of student debt now! Progressive allies in Congress have been clear about the many benefits to cancelling student debt universally:

1. It would help those with the least and begin to address massive wealth inequality caused by systemic racism. Many studies have demonstrated that universal student debt cancellation would “provide more benefits to those with fewer economic resources and could play a critical role in addressing the racial wealth gap and building the Black middle class.”
2. It’s good for the economy. The time that there has been a federal pause on student loan repayments and interest rates has been an incredible life line to many struggling economically. The U.S. Dept of Education found “borrowers are saving approximately $5 billion per month from the temporary 0% interest rate.” And research shows cancelling student debt would lead to “higher credit scores, greater home-buying rates and housing stability, greater business formation, increased gross domestic product and create over 1.2 million jobs per year.”
3. Broad-based cancellation is WAY more successful than “targeted” (means-tested) benefits. We know that unnecessary barriers like means-testing or complicated eligibility requirements only lock out folks who are most vulnerable. Instead, Biden should broadly cancel student debt to make sure more people feel the benefits. 

President Biden extended the payments pause again until August 31st. This is a huge victory, and we’re going to keep pushing for full cancellation! President Biden has the authority to cancel student debt simply with his signature (here’s a memo from some fancy Harvard lawyers proving it). But he needs to hear from us, and from Members of Congress, that we want him to get it done!