Tell President Biden and his administration to cancel all student debt
President Biden announced a program that provides undergraduate and graduate students with up to $10,000 in debt relief for national and community service. Senator Sanders says this isn’t enough and urges the president to cancel all $1.8 trillion in student debt, including private and federal student loans. How? Sanders would enact a speculation tax that would raise $2.4 trillion over ten years.
- The cost of higher education in America has been rising steadily for decades; in 2021, students at public universities paid an average of $9,580 in tuition and fees, while students at private colleges paid an average of $33,150.
- Americans owe more in student loans than any other type of debt except mortgages.
- In addition, federal funding for state schools has declined by more than 20 percent since the 2008 recession.
- Student loan debt is a considerable drag on the economy. Increasing education costs prevent students from making major life decisions, such as getting married, buying a home, or starting a family.
- American public universities are less accessible than they should be — while saddling recent graduates with debt, they have little hope of repaying on time. According to the Education Data Initiative, student loan default affects 9 million borrowers and their families — about 15 percent of borrowers.
Senator Sanders’ plan, however, faces a major roadblock: President Biden has said he does not fully support it. It is a fact that the Biden administration can cancel student debt in a number of ways, but they are not using these options.
Senator Sanders’ plan would help our nation build a more prosperous future by eliminating student loan debt. We can accomplish this without burdening taxpayers or negatively impacting our economy at large. By supporting Senator Sanders and his supporters today, you are in solidarity with millions of Americans, like me, being hit with higher education costs and lower employment opportunities, creating a vicious cycle of debt and underemployment. Education is vital to the strength of this country. Students who cannot afford college have given up on their dreams for too long. This must change.