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Student Debt

No Half Measures, We Need Biden To Cancel All Student Loan Debt

On September 1, 2021, Hurricane Ida hit Southeast Louisiana, temporarily displacing thousands of New Orleans residents, including myself and most of my family. Residents who had the means evacuated early, leaving others to fight for limited resources while simultaneously seeking refuge in neighboring cities. On top of their pre-existing bills, evacuees were forced to front the costs of hotels, food, gas and repairs or even replacement of their own homes. Natural disasters produce an overwhelming amount of stress and anxiety — you simply don’t know if you will have a house to live in until you are able to return home. I don’t know how my family would have made ends meet if I was forced to cover my monthly student loan payments while struggling to meet these other, unanticipated expenses.

Debt Collective Day Of Action Urges Biden To Cancel Student Debt

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.

CounterSpin: Braxton Brewington On Student Loan Debt

An NBC News story headlined “White House Confronts Political Pressure to Extend Pause in Student Loan Payments Ahead of Midterms” represented much media focus on student loan debt: treating the fact that 45 million Americans owe some $1.7 trillion as an “issue,” an object of debate, a potential election factor. And that’s all true. Student loan forgiveness was one of Biden’s campaign promises. The federal pause on repayments is set to expire on May 1, and what happens with it will have an effect on the president and the party. But, of course, there’s also a much broader and deeper conversation to be had about student loans, and about debt, that hopefully will carry us beyond any particular election cycle. For an update on the current situation and our understanding of what’s at stake, we’re joined now by Braxton Brewington, press secretary and organizer at the group Debt Collective, a membership-based union for debtors and allies.

How The White House Could Wipe Out Federal Student Loan Debt

Last week, White House Chief of Staff Ron Klain hinted that President Joe Biden may soon take action on the nation's $1.7 trillion in student loan debt. Biden has several options at his disposal to aid the nation's 43 million student loan borrowers, experts told the American Independent Foundation. "The president is going to look at what we should do on student debt before the pause expires, or he'll extend the pause," Klain said on the podcast Pod Save America last Thursday. "Right now, people aren't having to pay on their loans, and so I think dealing with the executive branch question, what we should do about that, what his powers are, how much we should do on that, that's something we're going to deal with later on," Klain added.

Biden Moves To Block Student Debt Victory

Despite increasing pressure to fulfill a campaign promise to forgive student debt, President Joe Biden is now going in the opposite direction: His administration has taken an initial step to try to overturn a key legal victory for borrowers, according to court filings reviewed by The Daily Poster. If the administration wins an appeal, it could bolster a legal precedent against millions of debtors being crushed by bankruptcy laws that Biden infamously helped his finance industry donors sculpt during his four decades in Washington. On January 14, a federal judge in Biden’s home state of Delaware moved to eliminate nearly $100,000 in student loan debt held by a 35-year-old epileptic man.

Let Us Turn Our Anger At Biden Into Organization

We should take the examples of the Biden administration reversing course on unpopular decisions — refusing to extend the student loan moratorium, refusing to send masks, etc — as but a taste of the power we could have if we used our rage to get organized. Biden and his cronies are far more scared of our power as workers than they are of our tweets. So, what concessions have been given, have been given to stave off the birth of a social movement that could win a lot more.

Student Leaders Call On Biden To Cancel Student Loan Debt

We, the undersigned 111 student government leaders representing over 1.4 million students, write to urge you to exercise your executive authority, as designated by the Higher Education Act of 1965, to cancel all federal student loan debt immediately. As student leaders, we have seen the harrowing financial, social, and mental health impacts that the crushing weight of student loan debt imposes upon students and alumni by exacerbating the financial insecurity, social inequities, and economic stagnation which impacts over 44 million borrowers in the United States. During the COVID-19 pandemic, the federal government recognized the burden of such debt on borrowers, pausing student loan repayments and lowering the interest rate to 0%.

Student Debt Cancellation Is A Racial Justice Issue

With many of President Biden’s legislative priorities stalled, pressure is mounting on the administration to use executive authority to cancel student debts — a move that would substantially narrow racial wealth gaps. In a recent House floor speech, Rep. Ayanna Pressley pointed out that the student debt crisis disproportionately impacts the Black community. “But for too long,” Pressley said, “the narrative has excluded us and the unique ways in which this debt is exacerbating racial and economic inequities, compounding our gender and racial wealth gap.” Pressley joined Senators Elizabeth Warren and Chuck Schumer in a December letter to Biden asking that he consider using executive authority to cancel up to $50,000 in federal student loan debts.

The Hypocritical Oath

The end of medical school is a moment that, for many medical school graduates, is several years — sometimes several generations — in the making. After four grueling years the graduate is ready to officially get that “MD” behind their name. But what else has the four years of medical school done for the soon-to-be physician? As previously discussed, medical school is not an apolitical environment in which “medical knowledge” is simply passed on to each student. Mechanisms are put in place to condition students to be less likely to question systems of power. Overall, the medical school structure serves as an indoctrination system. By the time they graduate, medical students are forced to take on massive amounts of student loans — the average medical school graduate has around $250,000 in student loan debt — which serves as a form of economic control and coercion.

Education Shouldn’t Be A Debt Sentence

When you look at a student like myself, you don’t know that I am working multiple jobs, that I have gone without health insurance at some points, that I’ve been living at home with my parents for more than a year. You also do not know about my family’s medical debt, or about my father’s periods of unemployment, or that my mother’s job as a preschool aide isn’t enough to cover the gaps. Even though I have mowed my former mailman’s lawn for eight summers to help afford school, even though I secured two “free” years of campus housing through my job as a resident assistant and received numerous scholarships, awards and assistance, I still graduated from a state school with $17,000 in debt. I carry this debt from my bachelor’s degree as I go into my second year of graduate school.

Virginia State University Unveils Student Debt Cancellation Initiative

The debt elimination effort was financed through the CARES Act. For scholars who attended the institution during 2020 and spring 2021, all debt owed to the school will be erased. Donald Palm, Ph.D., who serves as Senior Vice President of Academic and Student Affairs, says the effort will play a pivotal role in shaping their financial futures. He also mentioned students should be solely focused on learning without feeling the burden of unaffordability. “We care about our students and their academic success and want to provide them the privilege of moving forward with a zero balance,” he said in a statement. “We believe that relieving them from these balances will provide much-needed relief that will allow our scholars to focus more intently on their academics and degree completion.”

On Education, Biden Is Making Sure ‘Nothing Will Fundamentally Change’

When it comes to education policy, Joe Biden is following through on his promise that nothing will fundamentally change. While he expressed support for some progressive measures on the campaign trail, like ending the high-stakes testing mandate for K-12 and giving relief to higher education students and borrowers, his actions so far have led some to surmise that corporatists and reformers are running the show at the Department of Education. Secretary Miguel Cardona has taken a prolonged “Help is Here” tour, but urgent demands from students, parents, and teachers are going unmet. Here’s a breakdown of the administration’s handling of key education issues so far.

Biden To Review Executive Authority To Cancel Student Debt

Washington, DC - President Joe Biden has asked Education Secretary Miguel Cardona to prepare a memo about his legal authority to cancel student debt, chief of staff Ron Klain said Thursday, as pressure grows for the administration to address the student loan crisis crippling millions of Americans. Klain said in an interview with Politico that Biden will decide how to proceed once he reviews the memo, which could be sent to his desk in the next few weeks. "He'll look at that legal authority, he'll look at the policy issues around that, and then he'll make a decision," Klain said. "He hasn't made a decision on that either way. In fact, he hasn't yet gotten the memos that he needs to start to focus on that decision."

This Is Why It Is Imperative That President Biden, Not Congress, Cancels Student Debt

The current student debt burden is over $2 trillion and it is crushing the economy. Defaults on student loans are high and for most borrowers, especially those who are people of color, their loan balances are rising instead of falling. Clearing the FOG speaks with Alan Collinge of Student Loan Justice about the impacts of the student loan burden and how to resolve this crisis. He makes a critical point about why it is President Biden, as he promised on the campaign trail, and not Congress, who cancels student debt and why that would be a powerful way to stimulate the economy.

Biden’s First Month Marked By Broken Promises

One month into his presidential career and Joe Biden has already left a trail of broken promises on progressive legislation. Yesterday, it was reported that the president held a closed-door meeting with a group of mayors and governors. At the first sign of pushback from Republicans in the room, he immediately dropped his support for the $15 minimum wage on the basis that he needed bipartisan support to pass it. Given that Democrats control the House, Senate, and the White House, this position seems surprising. “I really want this in there but it just doesn’t look like we can do it because of reconciliation,” the 78-year-old Delawarean said, according to those present. “Right now, we have to prepare for this not making it,” he added. As Politico noted, there was no further negotiation on the minimum wage after that; the topic was simply dropped.
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