Thread by @DrKWheatle

In light of today’s #studentloanforgiveness news, I am thinking about @DarrickHamilton and the many Black economists and academics who have - for nearly 20 years - made the case and connected student loan debt to wealth inequity and racial and economic justice in the U.S. 1/x

Just 6 years ago, when I was freshly new research analyst in DC, I regularly attended events where panelists not only considered student loan debt cancellation a “dumb” idea and, thus, impossible, but that the framing of student loan debt as a “crisis” was overinflated. 2/x

Needless to say, the conversation and context has changed quite a bit since then. For history’s sake, we cannot underestimate the dramatic impact the global public health and economic crises have had on leading to this outcome at this time. 3/x

For me, it is one more example that the greatest influences on #highered usually lie outside of it (e.g. war, population change, social demands). I also think it is an example of advocacy, storytelling, and an increasingly diverse electorate increasing political pressure. 4/x

As debates continue, we should keep in mind that people without degrees also carry #studentloan debt. Hopefully, this step will alleviate borrowers with $10K or less, who are most likely to default on their loans, to return and complete, if they choose. 5/x

Disappointedly, there are far too many “researchers” who are woefully ignorant of the financial realities that Black families face. Race is a COMPOUNDING factor and still a PREDICTOR of outcomes, including #studentloan outcomes. 6/x

If a Black and white family have the same INCOME, it does not mean they have the same capacity to pay back loans at the rate. Black borrowers are more likely to take out more debt loads and need to use deferment or forbearance, which loads up on the interest. 7/x

White borrowers without a degree are more likely to pay off their #studentloans than Black degree holders. This is not about personal responsibility and the framing of such might be catching, but it is disingenuous. This is about a multiplicity of factors. 7/x

Anyhow, to my first point, there’s a lot of work out there to help folks better understand what race has to do with #studentloans. Check out (9/x):

https://twitter.com/FDPRI/status/1458871864898510848

Or this (10/x):

https://twitter.com/LuminaFound/status/1417513990356447234

Or this resource from @LuminaFound (11/x):

https://twitter.com/LuminaFound/status/1364565831036903424

Respectfully, I would like to remind the “pay back your loans” generation that much of your familial wealth came because of public policies like the Servicemen’s Readjustment Act of 1944 & the National Defense Education Act, & social programs like affordable housing & Medicare.