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Color Of Change Responds to President Biden’s Student Loan Debt Moratorium Extension

For Immediate Release: December 22, 2021
Contact: media@colorofchange.org

Color Of Change: Extending Student Loan Moratorium is Step in the Right Direction, Complete Elimination is Real Racial Justice Legislation

NATIONWIDE — Color Of Change Vice President Arisha Hatch issued the following statement in regards to President Biden’s student loan repayment freeze until May 1, 2022: 

“President Biden’s student debt moratorium extension to May 2022 is a step in the right direction, but the government cannot keep toying with the livelihoods of millions of Americans by continuing to push the deadlines back. We need sweeping, comprehensive student loan elimination to allow everyday Americans to support themselves, work toward closing the increasing racial wealth gap, and fuel the economic recovery needed for post-pandemic bounceback.

By May 2022, there will have been a more than two-year moratorium on federal student loan repayment during the COVID-19 pandemic. In the meantime, borrowers were reaffirmed to find out that the government has not been debilitated by loan non-repayment over time, and the myths of federal dependence on borrowers’ monthly payments have, evidently, been debunked. In actuality, quite the opposite has happened — borrowers are able to save, buy houses, invest in their communities, support small businesses, and have the option to leave jobs where they face discrimination or unfair labor conditions. Black borrowers especially have been able to reinvest in their communities and develop financial safety nets in lieu of burgeoning debt repayments.

We have seen a glimpse of a world without restrictive student loan debt, and it’s overdue that we make it a reality. When nearly 9 out of 10 Americans report they are not financially stable enough to resume payments, we know that the system of exploitative student loans is the issue, not the borrower. When 40% of Black voters say they would never vote for a candidate who opposes eliminating student loan debt, it’s past time the Biden-Harris administration carried out the promises they made to Black voters during their campaign by eliminating federal student loan debt once and for all.”

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About Color Of Change:
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 government to create a more human and less hostile world for Black people in America. Visit www.colorofchange.org.

 

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