NAACP Celebrates Over $70 Billion in Student Debt Relief to Positively Impact Black Americans
FOR IMMEDIATE RELEASE
October 17, 2024
Contact: Chyna Fields, cfields@naacpnet.org
WASHINGTON – This morning, the Biden Administration announced that an additional $4.5 billion in student loan relief has been approved — positively benefiting a total of over 1 million student loan borrowers who have dedicated their lives to public service. To date, the Department of Education has provided $74 billion in debt cancellation through Public Service Loan Forgiveness (PSLF). With this announcement, the total loan forgiveness approved by the Administration has now surpassed $175 billion, providing relief to more than 4.8 million Americans.
Despite facing disparate access to financial resources, Black Americans are more likely to work in public service compared to other workers. This, coupled with disproportionately predatory loans often lead to higher debt burdens for Black public service workers.
NAACP Senior National Director of Advocacy, Wisdom Cole shared the following statement:
"The battle to alleviate the burden of student debt is nothing new to the NAACP. We applaud today's announcement, and the efforts thus far to provide substantive relief to millions in need. Liberation from crushing debt has the power to transform the lives of millions of Americans, especially those who have committed their lives to advancing the public good.
At a time when so many are grappling with the rising cost of living, it is crucial that we devise pathways to financial freedom. The NAACP urges the Biden Administration and politicians in power to continue exploring innovative ways to right the policy failures of the past and address the crisis we face today."
For more information on our work to make student debt cancellation a reality, visit our website.
###
About NAACP
The NAACP advocates, agitates, and litigates for the civil rights due to Black America. Our legacy is built on the foundation of grassroots activism by the biggest civil rights pioneers of the 20th century and is sustained by 21st century activists. From classrooms and courtrooms to city halls and Congress, our network of members across the country works to secure the social and political power that will end race-based discrimination. That work is rooted in racial equity, civic engagement, and supportive policies and institutions for all marginalized people. We are committed to a world without racism where Black people enjoy equitable opportunities in thriving communities.
NOTE: The Legal Defense Fund – also referred to as the NAACP-LDF - was founded in 1940 as a part of the NAACP, but now operates as a completely separate entity.