FOR IMMEDIATE RELEASE: August 25, 2022
Color Of Change Responds to Biden Administration’s Student Loan Forgiveness Announcement
In light of President Biden’s student loan relief and repayment moratorium extension, Rashad Robinson, president of Color Of Change, issued the following statement:
“The Biden administration’s student loan forgiveness plan would not have been possible without Black voters turning out in overwhelming numbers to deliver him the presidency and Democratic majority in Congress. Black voter participation and years of advocacy work resulted in the incorporation of impactful measures such as the additional relief for Pell Grant recipients, 58% of whom are Black, as well as capping repayment at 5% of borrowers’ monthly income.
Color Of Change has long advocated for student debt elimination as a tangible step elected officials can take to address and relieve the current economic disparities attacking Black communities. Decades of discriminatory policies and practices have fueled the student debt crisis in a way that disproportionately harms Black borrowers, preventing them from owning houses, starting businesses, and building generational wealth. Color Of Change’s 2021 Student Debt Poll revealed that Black borrowers, holding the highest average of loan debt, are severely restricted in economic mobility as a result of impending repayment. This is a prioritized issue for voters — 40% of surveyed Black voters say they would never vote for a candidate who opposes student debt elimination.
While the student debt forgiveness plan is a positive step forward that will bring some measure of relief to millions of Black borrowers, the reality is that it’s simply not enough. The Biden administration must fully eliminate student loan debt to create a meaningful, lasting impact on people’s lives and close the racial wealth gap. By tackling the crisis through a racial justice lens and implementing solutions organized by impacted communities, the administration has an opportunity to create the best outcomes for all borrowers.
Color Of Change will continue to mobilize Black voters ahead of the midterms to build on the momentum of the last two years and push for effective strategies that provide financial relief for Black communities.”
Color Of Change is the nation’s largest online racial justice organization. We help people respond effectively to injustice in the world around us. As a national online force driven by over 7 million members, we move decision-makers in corporations and governments to create a more human and less hostile world for Black people in America. Visit www.colorofchange.org