May 18, 2022
By: Freedom to Prosper Team
Knowing that our movement to #CancelStudentDebt continues to build significant momentum in Washington, D.C. and across the nation, the GOP is now trying to brand this important economic policy as “elitist,” benefitting only the rich, affluent, white-collar workers.
This couldn’t be further from the truth.
Student debt is our nation’s failed social experiment – a false promise to now 47 million Americans and their families that if you took out exorbitant loans, you would pay it back over time with higher wages. This has left millions of borrowers trapped with a mountain of debt, and many struggle to keep up with the interest payments, let alone the principal loan.
Stats are even more staggering with communities of color. The Education Data Initiative reports the average Black college student owes $25,000 more than their white peers, and according to the Brookings Institution, Black students are also five times more likely to default on student loan debt than their white peers.
And the fact is, rich people don’t have student debt. They have the luxury to avoid loans because they can afford an education at four-year universities.
The GOP is quick to defend gross corporate profiteering, when they should be taking care of people of all walks of life. We must counter this false narrative and promote the vision that student debt cancellation will give millions more families the freedom to prosper.
Read more about the Many Faces of Student Debt on our blog here.
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