“Another simple extension of reimbursements will not solve the crisis,” said NAACP President and CEO Derrick Johnson.
President Joe Biden is expected to make a decision on whether to extend a national pause on student debt payments or issue some form of cancellation by August 31, when the current moratorium on payments expires. As the White House mulls its decision, NAACP members are demanding that the president eliminate much of the debt of black borrowers.
During Friday’s White House press briefing, press secretary Karine Jean-Pierre said Biden is taking the student debt crisis “very seriously,” given the current state of inflation in the world. the country and growing concerns about the economy.
“He understands the burden that student loans place on families, and so he wants to make sure he makes a thoughtful decision,” Jean-Pierre told Gerren Keith Gaynor of the Grio. She reiterated that the president would make his final decision by August 31.
Wisdom Cole, national director of youth and colleges at the NAACP, told the Grio that student debt has a disproportionate impact on black borrowers.
“Black borrowers are physically impacted by the burden of student debt,” Cole said.
“Student debt is something that prevents people from starting their lives. For people who want to become homeowners, business owners, or just want to start a family. Student debt is something that weighs heavily on us.
Cole said students are “sold” on the illusion that by graduating they will land their dream job with a decent salary, but “instead, black borrowers end up by leaving college with an average of $53,000 in student debt. ” and no way to repay it.
His statements echo NAACP President and CEO Derrick Johnson, who wrote a letter to President Biden last week asking him to reverse at least $50,000 for black borrowers through an executive order. executive.
“No American should have to start paying off their predatory student loans next month. Yet another simple extension of refunds will not solve the crisis,” Johnson said.
He continued, “It won’t solve the economic oppression that has plagued generations of black families and other minority communities for decades and centuries.”
In his letter, Johnson said the president’s student debt cancellation plan should use “equity” as a guide and “must include a focus on black Americans.”
He added, “We should be investing in an educated population, not punishing those who want to acquire an education.”
Cole told the Grio that those looking to vote in the upcoming midterm elections should vote for candidates who have concrete plans for canceling student debt.
“What do they want? What do you plan to ensure student debt cancellation? What do you do to ensure that you are a vocal ally? A vocal supporter? A vocal candidate to ensure that you do everything you can to make that happen,” he remarked. “We really need to make sure that candidates have plans and not just tell us what we want to hear, but actually work to get it. make it happen.”
Cole warned that if Biden doesn’t cancel student debt, it may be difficult for him to win the 2024 presidential election.
“It’s going to be another blow to the young black people who were supportive, who came out in the middle of the global pandemic and who were working in the polls and who were coming out and making sure their peers showed up,” Cole said.
He continued, “I think if Biden doesn’t cancel student debt this term, it’s going to be hard to rally people around him, especially young black people.”
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