Today, the Supreme Court released yet another anti-worker decision, reversing efforts to cancel student debt. By definition, it is not the rich, but the working class, who suffer from student loan debt, taking out loans in hopes of bettering themselves and their economic prospects. In striking down student debt relief, the Court has effectively stolen $430 billion from the pockets of the working class.
While the Court finds no issue with massive tax cuts for the rich, billions in corporate welfare, or repeated efforts to make it more difficult to vote, strike, or organize, today’s decision shows the level of disdain the Court has for the working class and poor in this country.
Over 43 million Americans were set to receive modest relief. One in four Black borrowers would have seen their debt cleared entirely. A third of our seniors with student debt have already defaulted on their loans. In addition, loan repayments set to resume in October will have a devastating effect on workers across our country.
On behalf of countless Americans who suffer from the burden of student debt, the UAW calls on President Biden to use his existing authority under the Higher Education Act, as the Trump Administration did, to cancel the $1.7 trillion of student debt burdening 43 million Americans.
“The law is clear,” said UAW Local 2325 member Jane Fox, a longtime advocate for student debt relief, “Student debt cancellation is legal. President Biden made a promise to deliver relief and to close the racial wealth gap. UAW members call on the President to use every tool available to cancel these debts, protect student borrowers from default, and ensure American families are not pushed into economic ruin when payments resume. The time to act is now.”
It is critical that we fight for not only the cancellation of student debt, but for free public higher education for every American as well. Rest assured; the Court will not sway our conviction. The UAW will continue to fight for economic justice for the working class, on and off the job, from campuses to factories.