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OP-ED: Relieving the Burden of Student Loan Debt
NNPA NEWSWIRE — Over 50% of Black borrowers report their net worth is less than they owe in student loan debt. Also, Black students are more likely to borrow, and borrow larger amounts, relative to other racial or ethnic subgroups. Black college graduates owe an average $25,000 more in student loan debt than white college graduates. Four years after graduation, 48% of Black borrowers owe an average of 12.5% more than they borrowed.
The post OP-ED: Relieving the Burden of Student Loan Debt first appeared on BlackPressUSA.
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By Congressman James E. Clyburn (D-SC), House Majority Whip
Higher education should be a staircase to economic mobility, but student loan debt has become a barrier for far too many. More than $1.6 trillion in outstanding federal student loan debt is crushing 43.4 million borrowers in the United States today. Millions can’t afford to buy a home, start a business, or save for retirement.
That is why President Biden, at the urging of yours truly and many others, campaigned on addressing student loan debt. He promised to provide targeted student loan debt relief to working- and middle-class families, and he has delivered.
The student loan debt repayment pause – precipitated by Covid-19 – ends on December 31st. Consequently, come January 2023, borrowers are required to restart repayments of their student loans. Understanding that the re-payment pause temporarily provided much needed relief to overburdened borrowers, the Biden-Harris Administration has announced new plans for targeted debt relief to make the student loan system more manageable for working families.
Last month, President Biden announced up to $20,000 in federal student debt forgiveness to Pell Grant recipients and up to $10,000 in federal student debt forgiveness to non-Pell Grant recipients. Borrowers who earn less than $125,000 per year or households earning less than $250,000 are eligible for debt relief.
The Administration is also making the student loan system more manageable for current and future borrowers by improving the income-driven repayment plan that will substantially reduce future monthly payments for lower- and middle-income borrowers. They are changing the rules to lower income-driven repayment plans from 10% of discretionary income to 5%. The rule change will also raise the amount of income that is considered non-discretionary, therefore protecting it from repayment. This guarantees that no borrower earning the annual equivalent of a $15 minimum wage will have to make a monthly payment.
This help is going to be life-changing for millions of working people. Many of the 43 million Americans who hold federal student loan debt will receive some amount of debt forgiven. About 27 million borrowers will see $20,000 knocked off their student loan balance. For 20 million borrowers, that’s enough to totally wipe out their entire student loan balance. These latest actions build on the steps the Biden-Harris Administration has already taken to provide over $32 billion in loan relief to 1.6 million borrowers.
In 2021, the U.S. Department of Education announced it was discharging $6 billion in loans to settle a class action lawsuit filed against the agency for its handling of the Borrower Defense Repayment program under the Trump Administration. This program provides debt relief for borrowers defrauded by for-profit institutions like the now defunct Trump University. The Biden Administration’s new rules make it easier for those harmed by predatory marketing and recruiting practices to receive debt relief. As a result, the agency received 60,000 applications in just one week after the announcement compared to only 100,000 applications in all of 2021.
Finally, President Biden made some temporary changes for applicants to the Public Service Loan Forgiveness Program because in 2017, the first year that borrowers could apply for forgiveness only 1 percent were approved. On October 6, 2021, Biden’s Department of Education announced modifications to the program and a time-limited waiver so that more students could be eligible and more realistic repayment plans could be implemented. This includes loan types and payment plans that were not previously eligible.
As a result, over 175,000 borrowers have received over $10 billion in forgiveness due to their work in the public sector in professions including teachers, nurses, social workers, service members in our military, and first responders. The deadline to apply under the time-limited waiver is October 31, 2022, so if you believe you are eligible, I encourage you to visit https://studentaid.gov/ and search for the Public Service Loan Forgiveness Program.
These actions by President Biden will help narrow the racial wealth gap. Over 50% of Black borrowers report their net worth is less than they owe in student loan debt. Also, Black students are more likely to borrow, and borrow larger amounts, relative to other racial or ethnic subgroups. Black college graduates owe an average $25,000 more in student loan debt than white college graduates. Four years after graduation, 48% of Black borrowers owe an average of 12.5% more than they borrowed.
By providing relief from this disproportionate and crushing debt, we are giving the next generation the opportunity to pursue the American dream and provide a life for themselves and their families that they have earned through hard work and the pursuit of a higher education.
We have all heard the saying that a rising tide lifts all boats. I believe that these efforts by the Biden Administration not only help to lift boats, they also put wind in their sails to help move us closer to the promise of “a more perfect Union.”
The post OP-ED: Relieving the Burden of Student Loan Debt first appeared on BlackPressUSA.
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#LET IT BE KNOWN — LIVE FROM THE DEMOCRATIC NATIONAL CONVENTION
#LET IT BE KNOWN — LIVE FROM THE DEMOCRATIC NATIONAL CONVENTION
#NNPA BlackPress
Democrats Call for Fierce Defense of Democracy and Working-Class Values
NNPA NEWSWIRE — Democrats from all political backgrounds came together to honor President Biden’s legacy, which includes unwavering efforts to reduce costs for middle-class Americans, repair a deteriorating infrastructure, and defend democracy from unprecedented threats.
![](https://www.postnewsgroup.com/wp-content/uploads/2024/08/DNC-2024.jpg)
By Stacy M. Brown
NNPA Newswire Senior National Correspondent
@StacyBrownMedia
In an electrifying moment at the Democratic National Convention (DNC) that likely set the tone for the party’s campaign, Vice President Kamala Harris made a surprise appearance on the opening night, seizing the stage to the triumphant anthem of Beyoncé’s “Freedom.” The crowd erupted with fire in her voice as Harris declared, “I want to kick us off by celebrating our incredible president, Joe Biden. Thank you for your historic leadership, for your lifetime of service to our nation, and for all you will continue to do. We are forever grateful to you.” The first night of the DNC was more than a celebration; it was a battle cry. Democrats from all political backgrounds came together to honor President Biden’s legacy, which includes unwavering efforts to reduce costs for middle-class Americans, repair a deteriorating infrastructure, and defend democracy from unprecedented threats. The message was clear: Biden’s work is not done, and Vice President Kamala Harris and Governor Tim Walz are ready to continue that fight.
Speakers who are most familiar with Biden, such as Senators Raphael Warnock and Chris Coons, as well as Dr. Jill Biden and Ashley Biden, shared stories that painted a picture of a president who is unwaveringly dedicated to the American people. “In public and in private, President Biden never backed down from his vision for an America where everyone has a fair shot,” Warnock emphasized. Dr. Biden and Ashley Biden gave heartfelt tributes to the man who led the nation and his family with steadfast devotion. The emotional high point of the evening came when Biden, introduced by his daughter Ashley, took the stage to a thunderous ovation as “Your Love Has Lifted Me Higher” filled the arena. The crowd’s response was deafening, with chants of “We love Joe” and “Thank You, Joe” reverberating throughout the hall, a powerful testament to Biden’s connection with the American people.
In a speech that was as much a rallying cry as it was a reflection on his presidency, Biden delivered a stark reminder of what’s at stake. “Let me ask you… Are you ready to vote for freedom? Are you ready to vote for democracy and America? Are you ready to elect Kamala Harris and Tim Walz?” Biden’s words resonated as he recalled the perilous moment of his inauguration, just weeks after supporters of the twice-impeached former president stormed the U.S. Capitol. “You cannot say I love my country only when you win,” Biden asserted. “The winter of peril and possibility has passed, and with a grateful heart, I stand before you to report that democracy has prevailed. But now, democracy must be preserved.” Biden highlighted the progress made under his administration, pointing to economic recovery, healthcare expansion, and the battle against corporate greed. He singled out Harris’s critical role in these achievements. “We’ve gone from economic crisis to the strongest economy in the world… More Americans have health insurance than at any time in American history. And we finally beat big pharma. Guess who cast the tie-breaking vote? Vice President and soon-to-be President Kamala Harris. Now it’s the law of the land—$35 a month for insulin.”
The evening was charged with passionate speeches that struck the heart of the nation’s issues. Former Secretary of State Hillary Clinton delivered a searing indictment of Donald Trump, contrasting Harris’s steadfast dedication to American values with Trump’s chaotic legacy. “Kamala won’t disrespect our military and our veterans,” Clinton declared to thunderous applause. “She will defend democracy and our Constitution and will protect America from enemies foreign and domestic. Donald Trump fell asleep at his own trial, and when he woke up, he made history as the first person to run for president with 34 felony convictions.” Representative Alexandria Ocasio-Cortez delivered a fiery endorsement of Harris, framing her as the champion of the middle-class needs. “In Kamala Harris, we have a chance to elect a president who is for the middle class because she is from the middle class,” Ocasio-Cortez proclaimed. “She understands the urgency of rent checks, groceries, and prescriptions. She is as committed to our reproductive and civil rights as she is to taking on corporate greed. She is working tirelessly to secure a ceasefire in Gaza and bring hostages home.”
Ocasio-Cortez didn’t hold back in her critique of Trump, accusing him of being a self-serving demagogue. “Donald Trump would sell this country for a dollar if it meant lining his own pockets and greasing the palms of his Wall Street friends,” she said. “I, for one, am tired of hearing about how a two-bit union buster thinks of himself as more of a patriot than the woman who fights every single day to lift working people out from under the boots of greed trampling on our way of life.” The night was filled with moments that galvanized the crowd. Golden State Warriors Head Coach Steve Kerr, invoking the words of Steph Curry, declared, “After the results are tallied that night, we can tell Donald Trump, ‘Night, night.’“UAW President Shawn Fain tore off his jacket to reveal a shirt emblazoned with the words “TRUMP IS A SCAB,” igniting the crowd into a fervent chant of “Trump’s a scab! Trump’s a scab!”
In one of the night’s most pointed moments, Rep. Jasmine Crockett drew a stark contrast between Harris and Trump: “She became a career prosecutor while he became a career criminal. Who would you hire? Donald Trump or Kamala Harris? Kamala Harris has a resume, and Donald Trump has a rap sheet with 34 felonies, 2 impeachments, and 1 porn star to prove it.” The NAACP President Derrick Johnson and Melanie Campbell, the President and CEO of the National Coalition on Black Civic Participation, led a standing ovation for civil rights icon Rev. Jesse Jackson during the celebration.
Chicago Mayor Brandon Johnson also delivered a powerful message that resonated deeply with the audience. “I know that my daughter will see not only a reflection of herself in the White House, but she will experience the deepest part of American values… Kamala Harris—she’s got us.” Harris’s words from earlier in the night echoed as the event ended: “We are at a pivotal moment. The choices we make now will determine the future of our nation. Together, we will fight for the soul of America and build a future where everyone has a fair shot. Our best days are still ahead, and we are ready to lead.”
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L#LET IT BE KNOWN — LIVE FROM THE DEMOCRATIC NATIONAL CONVENTION — DAY 2
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