President Biden Student-Debt Reduction Plan

(WASHINGTON, DC)––Family Values @ Work is a movement network of grassroots coalitions in more than two dozen states working to win paid family and medical leave, earned sick and safe days, and affordable, high-quality childcare at the state and national levels. Today, FV@W released the following statement commending President Biden on his student-debt reduction plan:

Family Values @ Work commends President Biden on his plan to reduce student debt. He is not only making good on a campaign promise, he’s also helping to ease the burden of financial hardship on those who need it most.

Black families borrow student loans at higher rates than other races — and they owe more. 30.2% of Black families hold student loan debt, versus 20.0% of white and 14.3% of Hispanic families. Meanwhile, Black families owe a median of $30,000, compared with $23,000 among white and $17,600 among Hispanic families.

President Biden’s plan is a first step in addressing the disproportionate hardship Black workers and their families face dealing with student loan debt. These same borrowers that are being asked to manage huge student loan payments must also juggle caregiving responsibilities and careers. The situation is untenable at best, and traumatic at worst. Add to this the fact that women and Black people are overrepresented in the low-wage workforce, and what you have is a perfect storm for burnout, economic instability, and rampant injustice.

In our pursuit of economic, racial, and gender justice for all, we are clear on one thing: No one is free until we’re all free. While we celebrate the progress President Biden’s plan represents, it doesn’t go far enough to assuage the financial, spiritual, and personal challenges we’ve all faced as a result of the pandemic, an on-going failure to invest in making higher education affordable for all, and this nation’s systemic underinvestment in the care infrastructure. We will continue working until everyone can thrive at home and at work.

###