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WASHINGTON, D.C., January 31, 2022 - Several advocacy organizations, spearheaded by 1000 Women Strong, a national hub for Black women organizing, have requested a series of meetings with the Biden administration to discuss the disproportionate impact of federal student loan debt on Black women. The advocacy groups, which include the NAACP, National Consumer Law Center, Association of Young Americans, Student Debt Crisis Center, Center for Responsible Lending, Hip Hop Caucus, Young Invincibles, and ACLU, call on the administration to cancel at least $50,000 in student debt per borrower as a solution to the student debt crisis, which has exacerbated gender and racial inequalities.
While President Biden's recent decision to extend the moratorium on student loan repayment is appreciated by the groups, advocates maintain that the pause on payments is insufficient to address the magnitude of the crisis.
The following quote is from Annalise Setorie, Director, Community Partnerships, NAACP: "As the most educated demographic in America, Black women are disproportionately affected by student loan debt. That reality is compounded when you factor in the pay gap that continues to plague Black women in the workplace. We are at an inflection point with the exorbitant cost of student loans and rising higher education prices. The Biden administration must act swiftly on President Biden's promise to cancel student debt."
The following quote is from Shakya Cherry-Donaldson, Executive Director of 1000 Women Strong: "We don't need more shallow praise for 'saving' the nation — we need Biden to cancel our student debt."
Forty-four million Americans are currently saddled with $1.7 trillion in student loan debt — and Black women have been disproportionately impacted by the debt burden. Women hold the majority of national student debt, shouldering a total of $929 billion in student loans. Black women carry around 20% more student debt than their white counterparts — only one year after graduating, Black women owe an average of $41,466 in undergraduate loans, while white women owe just $33,851.
"As the weight of the student debt crisis crushes down on borrowers, it is clear that Black women are carrying a heavier load," said Alpha Taylor, staff attorney at the National Consumer Law Center. "It is imperative that the Biden administration take swift action to address these disparities by upholding its promise to cancel student debt."
As Black History Month approaches this February, the advocacy groups will be hosting a webinar to publicly discuss the impact of student debt on Black women with elected officials in support of debt cancellation. The webinar will take place on Wednesday, February 2, 2022, from 6-7pm ET and will be open to the public.
The following quote is from Alisha Bell, Wayne County Commission Chair:
"Student loans are especially devastating for Black women because, even when highly educated and qualified, the data shows that we are still paid less than our white male counterparts. Additionally, Black households may face the issue of incurring even more student loan debt for their children's higher education expenses, which becomes a vicious cycle of generational student loan debt."