Cross-posted from Freelancers Union Blog
Student debt is a crushing burden for millions of Americans, totaling more than $1.6 trillion in the U.S. in 2020. The average student loan burden is $32,731, more than double what it was 20 years ago.
It also unjustly affects BIPOC communities. Twenty years after college graduation, the median white college graduate has paid off 94% of their student loan debt, while the median Black college graduate still owes 95% of theirs. It is a systemic failure that perpetuates socioeconomic inequality.
While the CARES Act provided a period of relief when it suspended federal student debt payment requirements (federal loans account for more than 90% of all student debt) for six months, that period is set to end on September 30, 2020.