Articles

By: Congresswoman Frederica S. Wilson

The Supreme Court’s ruling on student-loan forgiveness cannot be the last word. Congress and President Biden must correct this grave injustice against student borrowers and tackle the student debt crisis immediately.

This ruling unveils a tale of two Americas: one with boundless opportunities for the privileged and another where hardworking Americans, burdened by overwhelming student debt, flounder in a post-pandemic economy. The rejected loan-forgiveness plan highlights the deep-rooted systemic inequities perpetuating a society where financial barriers hinder success — a resounding plea for immediate action.

In a country where we tell children from a young age that college is the path to success and where we tell first-generation children that going to college will lift their families out of poverty, it’s ridiculous that we then send young adults to jump into a pool with hundreds of thousands of dollars of debt that will drown folks for life

With nearly 60% of all jobs in our economy requiring some form of higher education, what choice do many students have other than signing up for student debt?

This is unacceptable.

Black students face greater debt burdens because of systemic barriers and limited access to generational wealth. The ongoing student-debt crisis exacerbates inequality and fortifies a system that favors a privileged few while impeding the progress of Black students.

I have met people in their 60s and 70s still struggling to repay their loans; in some cases, the principal has remained the same. As a bold step toward tackling the student crisis, President Biden forgave $10,000 for most borrowers and $20,000 for some. Republicans whined about it. Why? 

For decades, our government has bailed out the automobile and aviation industries; we bailed out two banks just this year — Silicon Valley Bank and Signature Bank. They even nicknamed Detroit “Government Motors” when we bailed out General Motors. We didn’t hear a peep when we bailed out airlines or farmers. Members of Congress got their Paycheck Protection Program loans forgiven.

When Republicans controlled both chambers and the White House in 2017, they gave billionaires tax breaks. Republicans never said a word on any of that. But when it comes to some debt relief for hardworking, want-to-be-somebody college graduates who contribute to the economy, the whining turns to outrage. And while even some members of Congress have filed for bankruptcy, when it comes to our young students, saddled with student debt, they usually cannot even discharge their student loans by filing for bankruptcy.

Such hypocrisy in our nation’s financial system should make every American furious. Republicans in Congress fought tooth and nail to overturn the president’s plan, taking relief away from 16 million qualifying Americans. Since the Supreme Court struck down his student-loan plan, Biden introduced a new proposal. I welcome his SAVE Program, which will allow the most affordable repayment plan ever created right before payments are due. He also recently forgave 804,000 federal borrowers. I realize, however, that the president cannot eliminate student loans annually. So, what happens to the class of 2024, 2025 and subsequent classes?What are their options for managing not just the cost of loans, but also the cost of going to college?

That concern led me to file the Lowering Obstacles to Achievement Now Act to double the Pell Grant, improve loan forgiveness, reduce expenses and slash interest rates. These reforms will address the root causes of the student-debt crisis. By removing the weight from the shoulders of our most promising young Americans, they will be able to realize their full potential.

I have dedicated myself to guiding and supporting students as a teacher, principal, School Board member, school district administrator and, now, as a lawmaker. The Supreme Court’s ruling is a supreme injustice that I’m working to reverse. The president Biden is doing his part. Congress must follow suit.

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