Guardian: Thousands of student debtors have launched a campaign urging Joe Biden to enact full student loan cancellation within the first 100 days of his presidency.
BREAKING: Biden’s secretary of education had paused student loan payments and put interest rate at 0%
— Kim Mangone (@KimMangone) January 21, 2021
The Debt Collective, which has more than 9,300 members, has tapped 100 debtors to be a part of the “the Biden Jubilee 100” – 100 people going on a debt strike, one representing each day during Biden’s first 100 days. Many have over $100,000 of student debt.
Joe Biden just issued an executive order to extend a pause on federal student loan payments through at least the end of September 2021. https://t.co/XAIfI5stBE
— philip lewis (@Phil_Lewis_) January 20, 2021
“It’s the right thing to do as the first step to ensuring a fairer higher education system,” said the collective in a petition to Biden. “Even before Covid-19, one million new student debtors were defaulting on their student loans every year. Student loans defaults are hitting women, Black, Indigenous and brown borrowers the hardest.”
Biden campaigned on promises to make higher education more affordable for middle-class families, including debt-free community college and making tuition at public institutions free for families who earn under $125,000 a year.
On his first day in office, President Biden has directed the Department of Education to extend the freeze on student loan payments all the way through September 30. This action prioritizes Americans who are burdened by student debt during the pandemic. https://t.co/LFhVUBOrWK
— Congressman Raja Krishnamoorthi (@CongressmanRaja) January 21, 2021
While Biden fell short of promising to cancel student debt, as the Massachusetts senator Elizabeth Warren had pushed for during her campaign, he promised to halve student loan payments by implementing a program where anyone making over $25,000 will pay 5% of their discretionary income – which does not count taxes or necessary spending like housing and food – to pay for their loans. Anyone who has paid loans for more than 20 years will have their loans forgiven.