Statement from Derrick Johnson, President and CEO, NAACP: “We are grateful to the White House for listening to the communities and individuals who represent those directly affected by staggering student debt. We look forward to a robust announcement in the coming weeks. The NAACP continues to urge the President to forgive a minimum of $50,000 in student debt per borrower, to significantly narrow the racial wealth gap and meet the needs of black and brown communities. The research and personal experiences of the American people overwhelmingly point to the need to set aside more than $10,000. As we have specified, fairness must guide its decision.
“Beyond the Cut Inflation Act, canceling student debt could be President Biden’s next historic economic victory for all Americans, reaching those in many professions and communities, young and old Americans. . We will continue to engage with the White House in the days and weeks ahead. »
Statement from Melissa Byrne, Executive Director, We the 45 Million: “Congratulations to President Biden on passing the Cut Inflation Act – a historic investment in climate and health care that will reduce costs for American families. President Biden can continue critical cost-cutting work by using executive action to cancel all federal student loan debt, automatically for all without any means test. 45 million families rely on him!
Statement from Max Lubin, Co-Founder and CEO, Rise, Inc: “President Biden’s Cut Inflation Act is a historic achievement. By cutting costs, cleaning up the environment and making health care more affordable, President Biden is giving future generations a chance at a brighter future. Now is the time for President Biden to continue to fight the vested interests holding Americans back by delivering on his promise to eliminate student loan debt. Bringing much-needed economic relief to 45 million Americans will level the playing field so that all Americans can buy a home, start a business, and strengthen our nation.
Statement from Kristin McGuire, Executive Director of Young Invincibles: “The Cut Inflation Act represents a historic achievement in federal health care policy. In an era of hyperpolarization and stalemate, President Biden has risen to the task and won clear and substantial victories for young people. But he doesn’t need to stop now. President Biden could make a material difference in the lives of tens of millions of Americans struggling with student debt as they face an uncertain economy and high inflation. Canceling large student loan debt is well within reach. The means-testing measures attached to any cancellation effort by the Biden administration would lessen the impact of debt relief, especially for borrowers who need it most. Let’s not complicate this decision. Broad cancellation of student debt with no means test or asterisk would cement President Biden’s legacy as a decisive leader who rose to meet the challenges of our time.
Statement from Persis Yu, Policy Director & Managing Counsel, Student Borrower Protection Center: “We are thrilled to see Congress and the administration address the very real financial hardships facing American families through the historic passage of the Inflation Reduction Act. But student loan debt is a central economic problem that hampers the financial security of nearly 45 million borrowers, especially those in low-income communities and communities of color. With payments due to resume in less than a month, we cannot refer borrowers to this broken student loan system. It’s time for President Biden to follow through on his promise and offer broad student debt forgiveness to all borrowers.