“I cosigned for 70K in loans to put my disabled grandchild through a private college that would meet his specific needs,” said a 70-year-old debtor I met during the Debt Collective’s virtual older debtors’ assembly 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. I’ve been organizing with Debt Collective for a year and I have come away with the same conclusion each time I leave an assembly: Americans desperately need full cancellation, and they need it now.
Search Results for: student debt
President Biden announced today that his administration was taking two actions with regards to the student debt crisis affecting tens of millions of people in the United States. The administration pushed back the deadline for the resumption of student loan payments until the end of the year, and up to $10,000 of student debt will be forgiven for those making less than $125,000 a year (or $20,000 for Pell Grant recipients). The cancellation of student debt – which now totals over $1.7 trillion – has been a longstanding demand of the mass movements of the past decade. The popularity of this demand and the persistence with which it has been raised has made it impossible for the politicians to completely ignore. Clearly, Biden made the calculation that he could not go to the 48 million people who have student loan debt totally empty-handed.
This week, former students of Corinthian Colleges — a predatory for-profit school that once boasted more than 100 campuses across the country — received news that their student loans will be canceled. In an announcement, a Department of Education (DOE) press release called the move “the largest single loan discharge the Department has made in history.” As a former student of Everest College, which is a branch of Corinthian, I am overjoyed that everyone who attended the scam school will finally be made whole. The action, announced on June 2, will impact 560,000 former Corinthian students and $5.8 in total student debt will be cancelled. This amounts to a stunning victory for debtors who took collective action to win relief.
Washington, D.C. - Hundreds of people converged in Washington, D.C. on Monday for a national day of action to demand that the Biden administration cancel all outstanding federal student loan debt via executive order. "All it takes is a signature," said the Debt Collective, a debtors' union that organized the "Pick Up the Pen, Joe" demonstration, which was supported by a coalition that includes dozens of progressive advocacy groups and labor unions. Following speeches and performances in front of the Eisenhower Memorial, the crowd marched outside the U.S. Department of Education (DOE). Monday's rally and march in the nation's capital had a simple message for President Joe Biden: Use your executive authority to wipe out the roughly $1.6 trillion in federal student debt that is holding back more than 45 million federal borrowers in the United States.
The Debt Collective is upping the ante in their fight for full federal student debt cancellation with their Pick Up the Pen, Joe! rally and day of action today in front of the U.S. Department of Education in Washington, DC. The event comes roughly a month before the pause on loan repayments is set to expire on May 1. Some White House sources have indicated the Biden administration may move that deadline again or forgive some amount of debt, but regardless, the Debt Collective’s focus remains squarely on eliminating federal student debt in full. A broad coalition of more than 50 community organizations and labor unions from across the country are joining the Debt Collective in the nation’s capital to call on Biden to cancel all federal student debt through executive order.