January 18, 2022
The Honorable Joseph R. Biden, Jr.
President of the United States
The White House
1600 Pennsylvania Avenue, NW
Washington, DC 20500
The Honorable Kamala D. Harris
Vice President of the United States
The White House
1600 Pennsylvania Avenue, NW
Washington, DC 20500
Dear President Biden and Vice President Harris,
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%. While this is commendable, we now urge the President to cancel all student debt to promote educational access, racial equity, and economic recovery.
Student loan cancellation expands educational opportunities. Higher education is becoming increasingly expensive, with costs of attendance growing by 25% in the last decade alone.[1] While a college degree remains one of the strongest engines of economic mobility, it is becoming increasingly unaffordable and inaccessible to first generation and low-income students.[2] Consequently, recent polling indicated that 39% of students would consider dropping out of college to avoid accruing more debt.[3] First generation students are also more likely to take out loans to pay for their education.[4] Relieving student loan debt incentivizes current students to complete their degrees, and allows borrowers to escape the cycle of poverty that is reinforced by student loan debt repayments.[5] This ensures that education can remain the “reliable pathway to the middle class” that President Biden and Vice President Harris campaigned on.[6]
Cancellation will help close the racial wealth gap and promote equity in higher education. Black college graduates have on average $25,000 more student loan debt compared to white college graduates.[7] Additionally, Federal Reserve data indicates that while 6% of white borrowers are behind on their payments, that number is 20% and 23% for Black and Hispanic borrowers, respectively.[8] 20 years after starting college, the median white borrower will have paid off 94% of their debt; the median Black borrower will have only paid off 5%.[9] Student loan forgiveness is an issue of racial equity, and in the words of Derrick Johnson, President of the NAACP, “you cannot begin to address the racial wealth gap without addressing the student loan crisis.”[10]
Women, LGBTQIA+ students, and veterans also take on a disproportionate level of debt that forgiveness will resolve. Women hold two-thirds of the nation’s student debt, 9.6% more debt than their male counterparts one year after graduation.[11] More than a third of LGBTQIA+ people and specifically, over half of transgender adults aged 18 to 40, hold student loan debt. Their combined debt amounts to over $93 billion.[12] And despite federal benefits, over 40% of active service members in the U.S. military hold student loan debt. Student loan forgiveness offers necessary relief for historically marginalized Americans and closes persistent disparities.
Federal student loan forgiveness will help our economy recover from the COVID-19 recession. Student loan debt inhibits borrowers from accessing every element of the American dream: with every $1,000 increase in student loans for public college graduates in their twenties, the home ownership rate drops by 1.8%. On aggregate, student loan debt delays homeownership by 7 years.[13] A student who graduates with student loan debt is 11%[14] less likely to start their own business compared to one who graduates debt-free. Couples with substantial amounts of student loan debt delay having children or getting married. Student loans prevent Americans from achieving their highest potential, and fully engaging in our economy.
In the aftermath of our worst recession in a century, when a generation of graduates will be experiencing permanent depleted wages and lower employment, federal student loan debt cancellation will allow for entrepreneurship, consumer spending, and personal investments that will rejuvenate our economy and repair the broken social fabric of our nation.
Efforts to cancel current debt must be paired with a long-term commitment to a system of education that allows students to leave college without debt, including investing in tuition free trade schools, community colleges, public colleges and universities. Education should be a right that all students have access to, free from burdensome levels of debt.
Relieving student debt is a moral and economic imperative for the Biden Administration to take on, and must be done without delay. Canceling student loans will spur economic growth and entrepreneurship, expand educational opportunities, reduce dropout rates, close the racial wealth gap, and uplift millions of borrowers suffocated by $1.7 trillion in student loan debt.
Thank you for your leadership on this issue, and we look forward to working with you to create a debt-free future for all of our nation’s graduates.
Signed,
Austin Smith | Student Body President at Alabama A&M University |
Chyna Brodie | Student Body President at American University |
Angelina Han | Student Body President at Amherst College |
Emanuella Ntim | Undergraduate Student Government Vice President at Arizona State University Polytechnic |
Olivia Smith | Student Body President at Augustana College |
Edidiong Emily Ndiokho | Student Government Association President at Barnard College |
Ryan Britt | Student Government President at Bowdoin College |
Krupa Souri | Student Body President at Brandeis University |
Maggie Ober and Connor McNerney | Student Government Association Co-Presidents at College of the Holy Cross |
Anuli Ononye | Student Body President at Cornell University |
Watfae Zayed Morgan Coleman | Student Government President at DePaul University Student Body President at Drake University |
Jarod Watson | Student Body President at Drexel University |
Christina Wang | Student Body President at Duke University |
Jack Corby | Student Body President at Elon University |
Jehan Ayesha binti Heru Wirasto | Undergraduate Student Government Executive President at Emerson College |
Nastassia Janvier | Student Body President at Florida State University and Governor on Florida Board of Governors |
Nile Blass | Student Body President at Georgetown University |
Aubrey P. Moorman Eric Santomauro-Stenzel | Student Body President at Gallaudet University Student Assembly President at Hamilton College |
Kimberlee-Mykel Thompson | Student Body President at Hampton University |
Mariesa Teo | Associated Students of Harvey Mudd College President |
Kylie Burke | Student Body President at Howard University |
Benjamin Barber | Student Government Association President at the Illinois Institute of Technology |
Ky Freeman | Student Body President at Indiana University |
Soledad Jasmin Flores Gudino | Associated Student Government Vice President at the Institute of American Indian Arts |
Mehak Ali Micah Smith | Student Government Association Executive President at Johns Hopkins University Student Body President at Kenyon College |
Chazzlyn Jackson | Student Body President at Kent State University |
Javin Bowman | Student Body President at Louisiana State University |
Brion Dennis | Student Body President at Loyola Marymount University |
Shreya Nagdev | Student Government President at Macalester College |
Ashon Lanada | Student Body President at Montclair State University |
Jamera Forbes | Student Body President at Morgan State University |
Anuja Badeti | Student Senate President at New Jersey Institute of Technology |
Dylan Nelson | Student Body Vice President at the New Mexico Institute of Mining & Technology |
Mehrin Ali | Chairperson of the Student Government Assembly at New York University |
Allyson Knuutila | Student Body President at Niagara County Community College |
Dhru Patel | Student Body President at Oregon State University |
Kimberly Mars | Student Government President at Pace University |
Erin Boas | University Park Undergraduate Student Body President at the Pennsylvania State University |
Kaila Teague Nirali Devgan | President of the Pitzer College Student Senate Student Body President at Pomona College |
Shannon Kang | Student Body President at Purdue University |
Anjali Patel | Student Government Association President at Ramapo College of New Jersey |
Cait Bennett | 156th Grand Marshal, Student Body President of Rensselaer Polytechnic Institute |
Miriah Medina | Student Body President at Rust College |
Nikhil Sadaranganey | Student Body President at Rutgers University-New Brunswick |
Dhruvi Shah | Student Body President at Savannah State University |
Maya Lynch | Student Body President at Scripps College |
Lakeisha Phillips | Student Body President at Sewanee, the University of the South |
Emily Paule | Student Government Association President at Smith College |
Hailee Maddison O’Dell | Student Body President at Southern Illinois University-Edwardsville |
Christian Giadolor | Student Body President at Stanford University |
Ethan Burrell | Student Body President at St. John’s University |
David Hatami | Student Body President at SUNY - Binghamton University |
David Bruen | Student Body President at Syracuse University |
Noor Lima Boudakian | University Student Senate Chair at The New School |
Jacob Chang | Student Body President at the Ohio State University |
Jamie Roa | Student Body President at Tulane University |
Maria Alejandra Acosta | Student Government Association President at Union County College |
Jillian Fields | Student Body President at the University of Alabama |
Angela Lee | Student Body President at the University of Alabama at Birmingham |
William Morrow | Student Body Vice President at the University of Alaska Fairbanks |
Abdoullah Goudiaby | Student Body President at the University at Albany |
Jacob E. Tuthill | Graduate Student Senator at the University of Baltimore |
Chaka Tellem | Student Body President at the University of California, Berkeley |
Ryan Manriquez Michelle Wei | President and CEO of the Associated Students of the University of California, Davis (ASUCD) Student Body President at the University of California, Irvine |
Jorge Rodriguez-Mota | Student Body President at the University of California, Merced |
Yuval Cohen | Student Body President at the University of California, Santa Barbara |
Parul Kumar | Undergraduate Student Government President at the University of Chicago |
Kasiyah Tatem | Student Body President at the University of Delaware |
Jungha Kim | Student Body President at the University of Hawai’i at Manoa |
Maryam Alghafir | Student Body Vice President at the University of Houston |
Kallyn Mai | Associated Students of the University of Idaho President |
Niya Denise McAdoo | Student Body President at the University of Kansas |
Ugonna Okorie | Student Body President at the University of Louisville |
Mehrshad Fahim Devin | Student Body President at the University of Maryland-Baltimore County |
Kislay Parashar | Student Body President at University of Maryland-College Park |
Neyder Fernandez | Student Body President at the University of Massachusetts-Lowell |
Nithya Arun | Student Body President at the University of Michigan |
Landon Brickey | Student Body President at the University of Missouri |
Batool Ibrahim | Student Government President at University of Nebraska- Lincoln |
Caren Yap | Student Body President at the University of Nevada, Las Vegas |
Allan Njomo | Student Body President at the University of Notre Dame |
Tavana Farzaneh | Student Body President at the University of Oklahoma |
Isaiah Boyd | Student Body President at University of Oregon |
Tori Borlase | Student Body President at the University of Pennsylvania |
Sabeet Kazmi | Student Body President at University of Rochester |
Justice Zoto | Student Body President at the University of San Diego |
Julia Cunningham | Student Body President at University of South Florida |
Alexis Areias | Student Body President at the University of Southern California |
Alyssa White | Student Body President at the University of Tampa |
Jose Pablo Rojas | Student Body President at the University of Texas Rio Grande Valley |
Jose Escobedo | Student Body President at the University of Texas at San Antonio |
Hannah Bruns | Student Body President at Vanderbilt University |
Sam Pasqualoni Caroline Levine | Student Body President at University of Vermont Student Body President at Villanova University |
Kameron Gray | Student Body President at Virginia State University |
Brian Patrick | Student Body President at Washington State University |
Ranen Miao | Student Body President at Washington University in St. Louis |
Anna Nguyen | Student Assembly President at Wesleyan University |
Brendan Sudberry | Student Body President at Westminster College |
Alexi Payne | Student Body President at Wilkes University |
Anisa Kamara | Student Government President at William Paterson University |
Williams Student Union | Student Representatives at Williams College |
Bayan Galal | Student Body President at Yale University |
Elazar Abrahams | Student Council President at Yeshiva University |
Contact: studentscanceldebt@gmail.com
[1] Hess, Abigail J. “The Cost of College Increased by More than 25% in the Last 10 Years-Here's Why.” CNBC. CNBC, December 13, 2019. https://www.cnbc.com/2019/12/13/cost-of-college-increased-by-more-than-25percent-in-the-last-10-years.html.
[2] Krupnick, Matt. “Universities That Are Engines of Social Mobility Are Getting More Expensive.” The Hechinger Report, April 8, 2021. https://hechingerreport.org/universities-that-boost-the-poorest-students-to-wealth-are-becoming-harder-to-afford/.
[3] Martin, Emmie. “39% Of College Students Would Consider Dropping out to Avoid Going Further into Debt.” CNBC. CNBC, May 24, 2018. https://www.cnbc.com/2018/05/24/students-would-drop-out-of-college-to-avoid-more-debt.html.
[4] Berman, Jillian. “'There's Just Not That Same Social Mobility': First-Generation College Graduates Still Lag behind Their Peers Financially.” MarketWatch. MarketWatch, May 18, 2021. https://www.marketwatch.com/story/theres-just-not-that-same-social-mobility-first-generation-college-graduates-still-lag-behind-their-peers-financially-11621350017.
[5] Withnall, Emily. “I Am a Mother of Two Kids, and My Student Debt Is Crushing My Family. Forgiving Student Loans Will Help Us Escape the Cycle of Poverty.” Business Insider. Business Insider, February 20, 2021. https://www.businessinsider.com/personal-finance/forgiving-student-loan-debt-will-help-families-escape-poverty-cycle-2021-2.
[6] “Plan for Education beyond High School: Joe Biden.” Joe Biden for President: Official Campaign Website, August 3, 2020. https://joebiden.com/beyondhs/.
[7] Hess, Abigail J. “The Student Debt Forgiveness Debate Highlights the Racial Gap in What Borrowers Owe.” CNBC. CNBC, February 22, 2021. https://www.cnbc.com/2021/02/22/student-debt-forgiveness-debate-highlights-racial-gap-in-what-borrowers-owe.html.
[8] “Report on the Economic Well-Being of U.S. Households in 2016 - May 2017.” Board of Governors of the Federal Reserve System. Accessed August 3, 2021. https://www.federalreserve.gov/publications/2017-economic-well-being-of-us-households-in-2016-accessible.htm.
[9] Sullivan, Laura, Tatjana Meschede, Thomas Shapiro, and Fernanda Escobar. Rep. Stalling Dreams: How Student Debt Is Disrupting Life Chances and Widening the Racial Wealth Gap. Waltham, MA: Heller School for Social Policy and Management, 2019. https://heller.brandeis.edu/iere/pdfs/racial-wealth-equity/racial-wealth-gap/stallingdreams-how-student-debt-is-disrupting-lifechances.pdf.
[10] Gravely, Alexis. “Biden Plan to Close Racial Wealth Gap Should Include Student Loan Debt CANCELLATION, Experts Say.” Biden plan to close racial wealth gap should include student loan debt cancellation, experts say, June 2, 2021. https://www.insidehighered.com/news/2021/06/02/biden-plan-close-racial-wealth-gap-should-include-student-loan-debt-cancellation.
[11] “Deeper in Debt: Women & Student Loans.” AAUW, June 1, 2021. https://www.aauw.org/resources/research/deeper-in-debt/.
[12] Conron, Kerith J, Winston Luhur, Kathryn O'Neill, and Mathew Santiago. “Federal Student Loan Debt among LGBTQ People.” Williams Institute, July 15, 2021. https://williamsinstitute.law.ucla.edu/publications/lgbtq-student-loan-debt/.
[13] Lerner, Michele. “Report: Student Loan DEBT Delays Homeownership by Seven Years.” The Washington Post. WP Company, April 7, 2019. https://www.washingtonpost.com/news/where-we-live/wp/2017/10/19/report-student-loan-debt-delays-homeownership-by-seven-years/.
[14] Nova, Annie. “Starting a Business Is Hard. with Student Debt, It Can Be Impossible.” CNBC. CNBC, October 22, 2018. https://www.cnbc.com/2018/10/22/starting-a-business-when-you-have-student-loans-can-be-a-challenge.html.