Student Loan Forgiveness, August 2022

EHTP applauds the student loan forgiveness movement that has successfully pressured the Biden Administration to announce the cancellation of $10,000 of student debt for millions of indebted Americans and an additional $10,000 for pell grant recipients. While we support the prioritization of student loan forgiveness, we know that an extended moratorium on monthly payments until December 31st will only delay the inequitable burden of debt placed upon Black students and students of color in this country. 

In the United States, Black college graduates owe an average of $25,000 more in student loan debt than their White peers. 48% of Black students owe an average of 12.5% more than they borrowed four years after graduating (1). With these staggering numbers, it is clear that more is needed to address racial inequities in student loan debt. We will continue advocating for complete forgiveness of student loans and further methods for making college more affordable or free for students from communities like East Harlem. Having supported thousands of students through the college experience, we know that this small relief will be welcomed by our community, even as we know it is still not enough. The fight for education equity and improving college attainment in East Harlem continues. 

(1) https://www.brookings.edu/research/student-loans-the-racial-wealth-divide-and-why-we-need-full-student-debt-cancellation/