There's a recurring talking point used to oppose student debt cancelation — and wow have we heard it a lot. Repeated by Republicans and Democrats alike, there is a "concern" that while canceling student debt may be good, it won't solve the "root" of the problem.
Ok. So thread.
Let's start here and say it plainly: They are correct!
If all student debt is canceled today, future students —mostly low-income— will still have to debt-finance education. They will still have to mortgage their future. That's bad!
This. Is. Why. We. Push. For. Free. College.
Free College SOLVES the "root" of the problem. That's what's necessary. We're fighting for debt cancelation AND free college, as are most of us! There is no need — no need at all — to juxtapose these fights and pit solutions against each other. It's both/and.
So why has the push to #CancelStudentDebt taken center stage recently? Well, in part bc of our organizing, and the work of other orgs/people. But there's a key reason: Biden can eliminate the debt w/ an executive order. All on his own. No congressional approval needed!
~Quick side note here ~
It would literally take an executive order from the President. In fact, we took it upon ourselves to write the executive order for you, @POTUS. debtcollective.org/flick-of-a-pen
People know this. People know how dysfunctional congress is. We've all seen Manchin and Sinema throw temper tantrums. So while we would *love* Congress to pass a bill to make College free, it seems unlikely in this Congress. In fact, they failed to pass free community college.
So, yeah. That's why we take issue with folks like Mitt Romney and others who are so quick to say we need to "solve the root issue" of debt-financed education but have *no political will* to ensure that College For All legislation will pass. It's a scapegoat.
In reality, these issues are very aligned. Education must be free, and we can also make it retroactively free by canceling the existing debt.
In 2019, our members spoke at the introduction of the College For All Act years ago — alongside @BernieSanders@AOC@PramilaJayapal@IlhanMN and others — to demand full student debt cancelation AND tuition-free college.
WATCH:
Our Co-Founder @astradisastra's film, You Are Not A Loan, brought together some of the smartest Debt Collective minds to think through cancelation and how to make college free...and freeing.
WATCH:
Never let someone tell you the people fighting for cancelation aren't thinking about the root of the problem. We actually have the answer. And it's not fixing (again) IDR, PSLF and other broken repayment programs. It's not less interest. It's not literacy.
It's College For All.
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Today we are thrilled to announce our partnership with @BennettCollege, a historically Black liberal arts college for women in Greensboro, NC. Founded in 1873, Bennett Belles have an amazing history in education and activism.
This week, almost 500 former students will be getting letters in the mail telling them the debts they owed directly to the school are erased via our sister initiative, the Rolling Jubilee. Why did we do this?
As we say in the letter, we understand this has been a tough few years and we want to lift a weight off people’s shoulders. Cancelling this debt means people can get their transcripts, diplomas and move on with their lives. Bennett administrators agreed this debt needs to go.
We used ~$50k to abolish $1.7M of unpaid student debt for nearly 500 Black women in NC — no strings attached. Should you donate so we can continue this work? Well, yes, if you can. But we *really* need you to join our movement to pressure @POTUS to do this for everyone.
Actions:
Biden needs to know we're serious about going beyond $10k and beyond $50k of cancelation.
Canceling all of it is the only solution to this crisis.
If Biden resumes payments in September, we'll go on debt-strike. You can join here and be in touch with other strikers who will *safely* find ways to pay $0 a month should payments ever resume. bit.ly/studentdebtstr…
"I was in bed kind of asleep just answering some quick questions and got my bail debt canceled."
The average bail in CA is $50k — hurting mostly Black/brown women bailing our their friends/siblings/spouses. If she would have asked Aladdin Bail Bonds to eliminate her debt, they would probably laugh. But because of the power of a debtors' union, they canceled it. Here's why.
This tool helps cosigners on bail bonds contracts dispute their debts with bail bond companies. After filling out an online form, the tool will create a dispute letter to send to the bail bond company. The letter will ask the bail bond company to cancel your debt.
After graduation, loans quickly balloon, delaying and event preventing Black Americans from building wealth. There's a significant wealth disparity between Black and non-Black people at every literally every. single. age group.
And a key point here: Black folks aren't building wealth at the same pace as their non-Black peers, particularly in their *prime working ages.*
Black households’ economic position is often precarious, and defaulting can actively jeopardize their financial health. Yet when we talk about student debt cancellation, rarely is that conversation centered on the experiences of Black Americans—missing a huge part of the problem.
NEW: Student debt cancellation is forthcoming. But limiting cancelation by income and total amount risks undoing the practical and political benefits cancellation achieves.
Our directions are clear: Given past experience administering the federal student loan program—as well as other federal benefits—student debt cancellation should be universal among borrowers, automatic, and as generous as possible.
If cancellation must be limited by amount (again, it should not), the amount should be set *as high as possible* in order to offer meaningful relief to the greatest number of people.
Lots of people are reaching out asking for help with this. If we can't respond to you ASAP please understand. Here is a general 🧵 about the #PSLF waiver
First the practical stuff. If you work for the government or a nonprofit you should absolutely apply under the PSLF waiver to get as many qualifying payments as you can. @theSBPC has the best resources here: protectborrowers.org/our-projects/p…
PSLF has been plagued with tons of problems, and although we are celebrating all of the people finally getting their debt cancelled, there are also tons of problems with the waiver. Fedloan and other servicers, and the Dept of Ed are screwing this up. So be ready for problems.