Biden’s student debt plan lays a groundwork for future jubilees. It’s time to push for full debt cancellation.
in mid-August. “I don’t think I’ll be able to pay off these loans in my lifetime,” another debtor told me.
As I listened to these stories in a Zoom breakout room, I couldn’t help but feel overwhelmed by the conclusion that debt controls the lives of millions of people in the U.S., especially our most vulnerable. The Debt Collective, the nation’s first debtors’ union, is known for opening and facilitating powerful forums for conversation that enable folks to release the burden of shame and talk about how debt has impacted their lives.
For many people, canceling $10,000 will not even make a dent in their balance. Borrowers with high debt-to-income ratios — those who live paycheck to paycheck, who worry about making rent after their loan payments each month, who find it difficult to imagine ever being able to purchase a home — will barely feel the relief this policy was meant to offer. This particularly holds true for Black borrowers.
Moreover, Biden’s goal is to make it easier for people to keep up with their monthly payments by providing an IDR plan that cuts the total amount due in half. This is not the first time we have heard the promise that a new income-driven repayment plan will solve this crisis. In every case this has
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