There's a reason a few hundred organizations have been hounding Biden about this for months now (and to cancel all of it in this case, not even just 50K)
In the
letter, 238 nonprofit and community organizations highlight that cancelling student debt would stimulate the economy, help reduce the racial wealth gap, and could have a positive impact on health outcomes.
The groups write that "executive action is one of the few available tools that could immediately provide a boost to upwards of 44 million borrowers and the economy," and that it would be an important first step in advancing the President-Elect's campaign priorities to ensure racial equity, focus on economic recovery, and deliver COVID-19 relief.
Signers include:
American Federation of Teachers,
National Education Association,
The Education Trust,
Hispanic Federation,
NAACP,
National Urban League,
UnidosUS,
League of United Latin American Citizens (LULAC),
National Women's Law Center,
SEIU,
UE (United Electrical, Radio and Machine Workers of America),
the Coalition on Human Needs,
Children's Defense Fund,
the American Psychological Association,
Council on Social Work Education,
Disability Rights Education & Defense Fund,
Greenpeace,
Sunrise Movement,
Minority Veterans of America,
the United States Student Association,
Bend the Arc: Jewish Action,
and the National Advocacy Center of the Sisters of the Good Shepherd.
because there seems to be an undercurrent of disingenuous belief that student loan debt cancellation is some white people thing argued by privileged white people for the benefit of most privileged white people. Nothing could be further from the truth (again, look at those organizations in support and more importantly, read their words).
ourfinancialsecurity.org
