1000 Women Strong, a national organizing hub for Black women, spearheaded the efforts of several groups including the NAACP, National Consumer Law Center, Association for Young Americans, Student Debt Crisis Center, Center for Responsible Lending, Hip Hop Caucus, Young Invincibles, and the ACLU.
The groups are calling on Biden to “cancel at least $50,000 in student debt per borrower as a solution to the student loan crisis, which has exacerbated gender and racial inequalities,” the NAACP said in a statement.
Multiple studies have shown that Black borrowers are disproportionately burdened by student loan debt with Black women shouldering on average 22% more in debt than white women.
One study also showed that Black wealth in the US would increase by 40% if student loans were canceled.
“As the most educated demographic in America, Black women are disproportionately affected by student loan debt. That reality is compounded when you factor in the pay gap that continues to plague Black women in the workplace,” Annalise Setorie, NAACP Director of Community Partnerships said.
“We are at an inflection point,” Setorie said, adding that the “Biden administration must act swiftly on” his “promise to cancel student debt.”