UAW members know all too well that student debt can be crippling for both themselves and their children. “Educational debt, when compounded by interest, becomes a millstone that compels recent graduates to prioritize the needs of financial institutions over those of their families,” says UAW President Ray Curry. “That is why our union calls upon President Biden to cancel student debt through executive action.”
President Biden has already recognized the need to address this crisis head on. His administration has canceled $25 billion in student loan debt. According to Forbes, the Biden Administration has canceled more student loan debt than any president in U.S. history. Due to the depth of the crisis more relief is needed. That is why UAW is working with broad and diverse coalition of more than 529 organizations to urge President Biden to build on this action by immediately cancelling student loan debt via executive action. A copy of the letter to President Biden is available here.
Cancelling student debt will strengthen the economy and help tackle racial disparities. The average Black borrower has $53,000 in student loan debt four years after graduation, nearly twice the amount as their white counterparts. Students seeking higher education are stratified based upon the income levels of their families, and that is an inequity that President Biden can help address via this executive action.
Likely voters continue to support this action by a 2-to-1 margin, including support by 62 percent of likely voters who did not graduate from college, 58 percent who already paid off their student loans, and 56 percent who never had student debt. This is because when borrowers’ student debt is cancelled, their ability to pay down other debts increases; their geographic mobility and ability to stay in rural communities improves, as do their opportunities to pursue better jobs.
This executive action would offer immediate relief to families as they try to chart a course into the middle class. UAW urges President Biden to act immediately cancel student loan debt.
Other users read these articles next...