IFPTE Joins Labor and Civil Rights Groups to Call on Immediate Cancelation of Student Debt
This week, IFPTE joined a diverse coalition of 529 national and local organizations that includes labor unions, civil rights groups, community organizations, student groups, and organizations representing Americans from all parts of the nation called on the Biden-Harris Administration to take immediate and bold action to cancel student loan debt.
The coalition letter notes several facets of student borrower debt that support the call for debt cancelation, including the bipartisan public support for cancelation, the impact on health outcomes and labor mobility, the economic drag that student debt causes in household wealth and nationally, the disproportionate impact student debt has on lower income people, people of color, and women.
In arguing for the economic benefit that comes from student debt cancelation, the letter reminds the President and the Vice-President,
Cancellation will boost household wealth, increase small business formation, and provide much-needed economic relief during this historic period of inflation. Today’s graduates face a dual crisis: in addition to the ongoing stagnation of wages, the pandemic has impacted their ability to earn income. Students who graduate into a recession face a “scarring” effect on their entire careers, leading to permanently lower employment and earnings… The mere presence of student debt on households’ balance sheets can make it harder or more expensive for families to get other types of credit and fully participate in the economy.
AFL-CIO President Liz Shuler recently called on Biden Administration to take action, saying, “Now is the time to cancel, not collect, student debt.”
The letter and coalition effort is organized by the Student Borrower Protection Center (SBPC). For more information about SBPC’s work, read their press release on the letter here.
Take Action - Tell the Biden Administration, “Now is the time to cancel, not collect, student debt.”