Education Leaders of Color Reacts to President Biden’s Student Loan Executive Order

Today, Education Leaders of Color (EdLoC) CEO Sharhonda Bossier released the following statement reacting to President Biden’s executive action to forgive $10,000 of debt for student loan borrowers.   

Racial and economic inequities exacerbate the $1.7 trillion student debt crisis for borrowers of color, burdening them with student debt, greater difficulty repaying student loans, and greater rates of default. 

“The president’s executive action to forgive $10,000 of debt for individual student loan borrowers and $20,000 of debt for students who received Pell grants in college is an important step in the right direction. However, the amount forgiven is inadequate to truly help communities of color build generational wealth and thrive.  

“As education leaders of color, many of whom experienced poverty as children, and who continue to live at the intersections of marginalized groups (e.g., Black, Latino, immigrant, woman, LGBTQ, etc.), we uniquely understand that student loan debt is one of the biggest obstacles to economic prosperity for members of our communities. This is why we submitted comments to the U.S. Department of Education last month urging them to further strengthen and expand relief for holders of student loan debt in their newly proposed student loan regulations. 

“Changing the conditions that perpetuate poverty among people of color is an essential variable in the effort to improve educational outcomes for all and promote equity in every aspect of American life. To that end, we urge the President to swiftly implement comprehensive student loan relief that will truly move the needle for students and families across the country whose endeavor to thrive is currently hampered because of their educational pursuits.”