(BPRW) National Action Network Responds to Biden Student Debt Cancellation | Press Releases


(BPRW) National Action Network Responds to Biden’s Student Debt Cancellation

Urges continued action towards economic empowerment and wealth creation

(Black PR wire) New York, NY- The National Action Network (NAN) recently responded to the Biden administration’s decision to eliminate $10,000 in student debt for borrowers earning $125,000 or less.

NAN Senior Vice President of Policy and Strategic Partnerships, Ebonie Riley, and NAN Young Leaders released the following statement:

“Today’s announcement opens the door to a long overdue conversation about building wealth. The cancellation of student debt is the cornerstone of a global vision that benefits everyone. Failure to act would have prevented another generation from reaching their full potential due to the crushing debt they took on in hopes of greater opportunity.

Black households have more student debt, regardless of income after graduation. About one in four black Americans has negative net worth, meaning their total debt exceeds their total assets. The administration expects the first $10,000 of debt relief to move more than half a million black Americans from negative to positive net worth.

While this is undoubtedly a historic day, there is still work to be done. The $125,000 income cap will leave much of the population behind, especially in a time of high inflation. A black doctor or lawyer earning above the cap could very well have six-figure student debt. Low levels of cancellation could leave already struggling black borrowers struggling with repayment. Those who qualify for loan forgiveness after several years of working in the civil service field through the Civil Service Loan Forgiveness Program still face long delays in applying.

Therefore, the cancellation of $50,000 in student loans could eliminate a substantial amount of student loan debt for tens of millions of borrowers and, in some cases, all of their debt. Student debt persists for decades; some student borrowers are having their social security checks seized. Solutions must include the entire problem.

That’s why we’re calling on Congress to provide relief by passing legislation to further strengthen the actions of the President.

The Reverend Al Sharpton, Founder and Chairman of NAN, issued the following statement on the administration’s announcement:

“President Biden’s actions follow through on a campaign promise that will hopefully create wealth for many Americans. This is hopefully the first step in a long journey to lift millions of Americans out of the debt that has kept them from becoming economically self-sufficient. It is incumbent on the President and Congress to work together to cancel more student debt and find new opportunities for people to win and succeed.

About the National Action Network (NAN)

National Action Network is one of the nation’s leading civil rights organizations with chapters throughout the United States. Founded in 1991 by the Reverend Al Sharpton, NAN works in the spirit and tradition of Dr. Martin Luther King, Jr. to promote a modern civil rights agenda that includes fighting for a standard of justice, decency and equal opportunities for all. race, religion, nationality or sex.

For more information, visit www.nationalactionnetwork.net.

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