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Student Loan Borrowers and Advocates Agree: Cancel Student Debt

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Student Loan Borrowers and Advocates Agree: Cancel Student Debt

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(TriceEdneyWire) On May 1, the federal pause on student loan repayments is set to expire. One of President Joe Biden’s first executive actions exercised his authority granted in the Higher Education Act. As the end of the extension nears, an estimated 44 million student loan borrowers and their collective $1.6 trillion debt will soon be affected. But a broad and diverse national coalition of more than 140 advocates is urging Education Secretary Miguel Cardona to take a further step: cancel student debt mired in its varied income driven repayment (IDR) programs. Black borrowers are a vocal part of the effort to eliminate the unsustainable financial burden.

IDR repayment was introduced in 1992 as a way to affordably manage student debt. Beyond reasonable monthly payments, the Public Service Loan Forgiveness program promised that those with years of timely payments could look forward to debt cancellation.

A February 9 letter to Education Secretary Miguel Cardona pinpoints the myriad borrower ills of IDR and urges swift debt cancellation of federal loans.Read More »Student Loan Borrowers and Advocates Agree: Cancel Student Debt