ASMP — American Society of Media Photographers

Freelancers Just Got a New Option for Student Debt Relief

By July 27, 2020 July 30th, 2020 Current News, Strictly Business Blog

Graphic | Freelancers Union

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.

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