Outstanding student debt in the U.S. has more than tripled since 2006, growing to become the second largest household debt, right behind mortgages.
Some 45 million people hold a staggering $1.7 trillion in student loan debt— nearly one out of four Americans! And for many, this debt has become unpayable, with up to 20 percent of student loans currently in default.
Just as troubling, the racial wealth gap in our nation forces people of color to disproportionately rely on student loans to pay for college. As the COVD-19 pandemic surges, it's time for a bold, long-term solution to help student borrowers navigate the current health and economic crisis, but to also reduce debt levels that are out of control.
Sign our petition to President Joe Biden: Immediately suspend student loan payments until we get through the COVID-19 pandemic and the economy recovers, and cancel a meaningful amount of debt for all borrowers with federal student loans.