We are demanding legislators to prioritize student loan forgiveness and cancellation of federal student debt, along with implementing regulations to address predatory lending practices. While higher education is a clear stepping stone for socioeconomic advancement, higher borrowing is often required for the highest-paying jobs. This is coupled with the fact that the rising cost of college attendance has outpaced the availability of need-based aid, such as Pell Grants, leaving already low-income students to shoulder devastating amounts of debt for the promise of obtaining a high-paying job. Legislators can make higher education more accessible through federal debt forgiveness programs and increased tuition assistance. Additionally, an educated population is crucial for maintaining the global competitiveness, advancement, and innovation of the country.

Currently, Americans owe almost $2 trillion in federal student loans, with roughly one in five Americans holding student debt. Alleviating this burden would empower a significant portion of the population to pursue economic opportunities previously out of reach due to their student loans, with a renewed opportunity to achieve financial stability. By freeing up financial resources, those struggling with enormous amounts of student debt could now invest in homes, start businesses, raise families with confidence in their financial security, and participate more actively in the consumer economy. 

Targeted student loan forgiveness would stimulate economic growth and opportunity. Many United States citizens, particularly African American, Latino, and Hispanic college students, are disproportionately affected by their mounting student debt. These students are more likely to take on more debt than their white counterparts because they are more likely to come from low-income and first-generation families who are searching for the future economic payout of obtaining a higher education degree. However, they are also more likely to struggle with loan repayment post-graduation. Addressing this disparity through targeted forgiveness would promote financial equity and help close the racial wealth borrowing gap.