Twelve years after starting college, white men have paid off 44% of their student loan balances on average, while black men saw their balances grow by 11%, according to an analysis from Demos.
Twelve years after starting college, the white female borrower has paid off 72% of her loan balance. Over the same time period, the typical Black female borrower's balance has grown by 13%.
At the Democratic National Convention, former First Lady Michelle Obama made a point that is relevant to both parties: If policymakers do not take bold and transformative action, trends can and will get worse.
Gulf Coast communities face the same environmental and racial injustices they faced during Hurricane Katrina—except now with the overlapping crises of COVID-19, economic collapse, and uprisings for Black Lives. Policy change must undo this injustice.
Written testimony of Demos President K. Sabeel Rahman before the US House of Representatives Committee on the Judiciary Subcommittee on Antitrust, Commercial and Administrative Law
If we are to survive this crisis—and imagine a more equitable, dynamic economy to come, we must start with a recommitment to the value of universal, inclusive public infrastructure.
It is more vital than ever that Black- and brown-led organizations have the resources they need to combat the many issues confronting their communities and to build durable and sustainable power.
Credit reports and scores control access to public goods people need. Yet, in the midst of a global pandemic and economic collapse, remaking the nation’s credit reporting system is not the top concern.
An executive action for student debt cancellation would provide much needed economic relief to millions of Black and Latinx families in order to avoid financial catastrophe during the continuing global pandemic.
Caregiving work has historically been undervalued. Today, Black women are disproportionately employed in caregiving work and facing the worst of the COVID-19 economic crisis.
The response to the COVID-19 crisis must include investments in public goods and health infrastructure, breaking up concentrated economic power, and equitable access for Black and brown communities.
“They collect our data without our permission. They profit from our data. They fail to invest in processes to verify accuracy. And their models are not transparent. This puts Black and Brown consumers at a serious disadvantage.”
The Biden administration should implement its public credit registry proposal to shift power away from an oligopoly that exercises inordinate control over consumers’ financial prospects and towards a fairer system that better respects consumers and reduces racial inequality.
A collection of contributions from leading student loan experts offering a roadmap for the Biden administration to take immediate action to cancel student debt for millions of Americans.