DOCSLIB.ORG

Delegate Research Information

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Delegate Research Information MSC 65th Student Conference on National Affairs Texas A&M University Delegate Research Information Round Table Full Brains and Empty Pockets: Challenges of Higher Education Facilitator: Dr. Christine Blackburn ---------------------------------------------------------------------------------------------------- This delegate research information is not intended to be a comprehensive assessment of your assigned round table topic, but rather a starting point to help launch your own personal investigations into the various associated issues. It is encouraged, if not expected, that your policy proposals will be inclusive of aspects pertaining to your round table topic that are not covered in this research compilation. You, your facilitator, your round table host, and your fellow roundtable delegates are all responsible for crafting a policy proposal that takes this into consideration. Terms & Actors Terms Common Core- an educational initiative that outlines concepts in Mathematics and English that students in grades K-12 should know. Direct Student Loan- government-funded student loans made to the U.S. Department of Education; the Federal Direct Student Loan Program is the only government-backed loan program in the United States. Elementary and Secondary Education Act (ESEA)- a federal law passed in 1965 that provides federal funds to improve local schools via resources to educational programs, professional development, and instruction materials. Every Student Succeeds Act (ESSA)- replaced No Child Left Behind, the Act continues statewide standardized testing but gave accountability provisions to the states. Financial Aid Package- federal or non-federal aid provided to a student. Free Application for Federal Student Aid (FAFSA)- a form completed by high school and college students in the United States to determine their eligibility for financial aid. i3 Fund- Investing in Innovation Fund, provides federal grants to applicants who can improve student achievement in various ways. Montgomery G.I. Bill- a federal law providing benefits to military veterans, including dedicated payments for tuition for college or vocational school. The National Assessment of Educational Progress (NAEP)- the “nation’s report card,” a representative and continuous assessment of U.S. students’ knowledge in various subject areas. No Child Left Behind (NCLB)- an act of Congress that required all public schools to administer standardized tests annually to students to determine their skills in basic topics. Race to the Top- discretionary/competitive grants that incentivize states to reform by adopting new standards and assessments, creating systems to measure student growth and success, and recruiting, developing, and maintaining good school faculty. School-to-Prison Pipeline- a national trend that sees students, especially disadvantaged students, leave high school and end up in juvenile and criminal justice systems. Student Loan- a type of financial assistance offered to students to pay for school related fees such as tuition, books, and/or living expenses. Student Loan Bubble- debt accrued from student loans and student loan interest. Trends in International Mathematics and Science Study (TIMSS)- a study conducted by the International Association for the Evaluation of Educational Achievement (IEA) that compares educational systems from around the world to help countries design effective policy. Actors Betsy Devos- the current United States Secretary of Education. Bill and Melinda Gates Foundation- a private foundation that emphasized (among other things) education, especially K-12 education. Congressional Budget Office- a nonpartisan federal agency within the legislative branch that determines the interest rate on student loans. Federal Student Aid Office- an office in the United States Department of Education, and the largest provider of student aid in the country through grants, loans, and work study funds. Finland- this country has consistently high education standards and ranks highly in teacher-to- student ratio and the number of students passing primary and secondary schools. Japan- this country’s students had the second highest PISA scores in 2015, and has one of the world’s most literate populations. PISA- Program for International Student Assessment, a world-wide study conducted by the Organization for Economic Co-operation and Development that tests 15-year-old students in reading, math, and science literacy. Rep. Bobby Scott- D-VA, Democratic chairman of the U.S. House education committee. Sal Khan- Founder of Khan Academy, a free online educational resource that enables students to learn material at their own pace and encourages mastery of topics before moving on. Senator Bernie Sanders- I-VT, Minority member of U.S. Senate education committee. Senator Lamar Alexander- R-TN, Republican chairman of the U.S. Senate education committee. United States Department of Education- Cabinet level department of the United States government whose main goal is to “to promote student achievement and preparation for global competitiveness by fostering educational excellence and ensuring equal access” by “establishing policy for, administering and coordinating most federal assistance to education, collecting data on US schools, and enforcing federal educational laws regarding privacy and civil rights.” Analysis Overview The American education system was once considered the best in the world. As recently as 30 years ago, the United States had the best high school and college education.1 This was largely due to the Montgomery G.I. Bill, which helped returning World War II veterans pay for school. Now, however, other countries have caught up and have even surpassed the United States. Different surveys tell different stories. When only considering 3 factors (does the country have well-developed public education system, would students consider attending university there, and does the country provide top quality education), the United States ranks number 2 in the world.2 This ranking is in stark contrast to other surveys that consider other data. World Top 20 Project put out their third quarter rankings for the world’s top 20 education nations; they examine enrollment rates, lower level completion rates, graduation rates, and test scores. The United States ranked seventeenth in the world under these criteria.3 The Center on International Education Benchmarking created their own ranking based on the 2015 PISA and demographics of the students taking it, and the United States did not crack the top 12.4 The differing results tell of a problem between ideas (well-developed education system, providing top quality education) and implementation (American students ranked 25th on the 2015 PISA). Arne Duncan, the former Secretary of Education under President Barack Obama, argued that one problem is that Americans do not value teaching as much as they should. “We don't train teachers as professionals, we don't respect them as professionals, we don't compensate them 1 John Guttman, “Was the USA ever No. 1 in education?” History Net, at https://www.historynet.com/was-the-usa- ever-no-1-in-education.htm 2 “Best Countries for Education,” U.S. News, 2019, at https://www.usnews.com/news/best-countries/best-education 3 “2019 World Best Education Systems – 3rd Quarter Rankings,” World Top 20 Project, 2019, at https://worldtop20.org/worldbesteducationsystem 4 “PISA 2015- Results in Focus,” Organization for Economic Co-operation and Development, 2015 at https://www.oecd.org/pisa/pisa-2015-results-in-focus.pdf as professionals,” Duncan stated. In a country where classrooms are extremely diverse in every possible way, teachers are under an enormous burden. As a result, memorization rather than critical thinking is taught, and students are worse for it.5 Sal Khan, founder of Khan Academy, advocated for mastery-based learning. The problem with schools today, he said, is that classes move from topic to topic without the students ever gaining full mastery of the concepts. Students become discouraged when they hit roadblocks and view their failures as a sign that they are not good enough or smart enough, when really the issue is that their foundation is not solid. Today’s technology is advanced enough that students can learn at their own pace, and do not have to move to more difficult concepts until they master the basic ones. Benefits Khan mentioned include student interaction and Socratic dialogue.6 While American primary schools have issues that must be addressed, American colleges and universities also pose issues. This decade has seen more people attending college than ever before, and American universities are among the most expensive in the world. Around 68% of people who graduated college in 2015 have student debt.7 In the United States, 45 million people owe around $1.5 trillion in student loan debt. Student loan debt is now higher than credit card and auto loan debt, and is the second highest consumer debt category (mortgage debt is the first). Some have raised concerns that the student loan bubble might pop; others say the bubble won’t pop but has and will continue to drag the U.S. economy down.8 5 Gabrielle Levy, “Rethinking Education in America,” U.S. News, July 27, 2018, at https://www.usnews.com/news/the-report/articles/2018-07-27/americas-schools-arent-working-for-americas-kids 6 Sal Khan, “Let’s Teach For Mastery- Not Test Scores,” TED Talk, uploaded September 26, 2016, at https://www.ted.com/talks/sal_khan_let_s_teach_for_mastery_not_test_scores/transcript?language=en 7
Load more

Recommended publications
  • Case 19-00368 Doc 26 Filed 06/21/21 Page 1 of 20 Entered: June 21St, 2021 Signed: June 21St, 2021
    Case 19-00368 Doc 26 Filed 06/21/21 Page 1 of 20 Entered: June 21st, 2021 Signed: June 21st, 2021 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND at Baltimore In re: * * Terry Lucille Randall, * Case No. 19-21815-MMH * Debtor. * Chapter 7 * * * * * * * * * * * * * * * Terry Lucille Randall, * * Plaintiff, * Adversary No. 19-00368-MMH v. * * Navient Solutions, * * Defendant. * * * * * * * * * * * * * * MEMORANDUM OPINION A bankruptcy case generally offers the honest but unfortunate debtor a financial fresh start. This objective is implemented through the bankruptcy discharge, which allows most debtors to eliminate most of their prepetition debts upon completing their bankruptcy cases. Although the Bankruptcy Code1 reflects Congressional intent to provide debtors with as broad of a discharge as possible, Congress has expressly excepted certain kinds of debt from the bankruptcy discharge. One of the most significant categories of debt excepted from discharge, and at issue in this adversary proceeding, is student loan debt. 1 11 U.S.C. §§ 101 et seq. (the “Code”). Case 19-00368 Doc 26 Filed 06/21/21 Page 2 of 20 The debtor in this proceeding owes over $500,000 in general unsecured student loan debt, with approximately $190,000 of that being owed to the defendant. The debtor is 68 years old, does not own any meaningful assets, and is not incurring any unnecessary or excessive expenses. Despite holding various degrees, the debtor has been working for the past several years at a job paying approximately $13 per hour, with some opportunity for overtime. The debtor testified that she has tried to repay her student loan debt but that the money just is not there.
    [Show full text]
  • Its Perceived Effects on Behaviour and Life Choices – a Literature Review
    Centre for Global Higher Education working paper series Graduate indebtedness: its perceived effects on behaviour and life choices – a literature review Ariane de Gayardon, Claire Callender, KC Deane and Stephen DesJardins Working paper no. 38 June 2018 Published by the Centre for Global Higher Education, UCL Institute of Education, London WC1H 0AL www.researchcghe.org © the authors 2018 ISSN 2398-564X The Centre for Global Higher Education (CGHE) is a research partnership of international universities, funded by the Economic and Social Research Council (ESRC) and the Higher Education Funding Council for England (HEFCE) and based at the UCL Institute of Education. CGHE’s research is focused on higher education and its future development and aims to inform and improve higher education policy and practice. CGHE’s three research programmes integrate local, national and global perspectives, and its researchers are based in nine countries across five continents: Europe, Asia, Africa, Australia and North America. The support of the Economic and Social Research Council (ESRC) and the Higher Education Funding Council for England (HEFCE) is gratefully acknowledged. Graduate indebtedness: its perceived effects on behaviour and life choices – a literature review Ariane de Gayardon, Claire Callender, KC Deane and Stephen DesJardins Contents Abstract ........................................................................................ 4 1. Introduction .............................................................................. 6 2. Student loans
    [Show full text]
  • The Nondischargeability of Student Loans in Personal Bankruptcy Proceedings: the Search for a Theory
    University of Michigan Law School University of Michigan Law School Scholarship Repository Articles Faculty Scholarship 2007 The ondiN schargeability of Student Loans in Personal Bankruptcy Proceedings: The eS arch for a Theory John A. E. Pottow University of Michigan Law School, [email protected] Available at: https://repository.law.umich.edu/articles/710 Follow this and additional works at: https://repository.law.umich.edu/articles Part of the Bankruptcy Law Commons, Comparative and Foreign Law Commons, Education Law Commons, and the Legislation Commons Recommended Citation Pottow, John A. E. "The ondN ischargeability of Student Loans in Personal Bankruptcy Proceedings: The eS arch for a Theory." Canadian Bus. L. J. 44, no. 2 (2007): 245-78. This Article is brought to you for free and open access by the Faculty Scholarship at University of Michigan Law School Scholarship Repository. It has been accepted for inclusion in Articles by an authorized administrator of University of Michigan Law School Scholarship Repository. For more information, please contact [email protected]. THE NONDISCHARGEABILITY OF STUDENT LOANS IN PERSONAL BANKRUPTCY PROCEEDINGS: THE SEARCH FOR A THEORY John A.E. Pottow* I. INTRODUCTION In fiscal year 2002, approximately 5.8 million Americans borrowed $38 billion (USD) in federal student loans. This was more than triple the $11.7 billion borrowed in 1990.' As a rule of thumb, tuition has been increasing at roughly double the rate of inflation in recent years.2 This troubling trend of accelerating tuition, coupled with the fact that real income has stagnated for men and increased only modestly for women over the past two decades,' means that more and more students are going to need to turn to borrowed money to finance their degrees absent a radical restructuring of the post- secondary education system.
    [Show full text]
  • The Macroeconomic Effects of Student Debt Cancellation
    THE MACROECONOMIC EFFECTS OF STUDENT DEBT CANCELLATION Scott Fullwiler, Stephanie Kelton, Catherine Ruetschlin, and Marshall Steinbaum February 2018 Levy Economics Institute of Bard College 2 Student Debt Cancellation Report 2018 THE MACROECONOMIC EFFECTS OF STUDENT DEBT CANCELLATION Scott Fullwiler, Stephanie Kelton, Catherine Ruetschlin, and Marshall Steinbaum Levy Economics Institute of Bard College 3 Table of Contents EXECUTIVE SUMMARY 6 INTRODUCTION 7 SECTION 1: THE ECONOMIC OPPORTUNITY OF STUDENT DEBT CANCELLATION 9 Social Investment in Higher Education 9 The current state of student debt 10 The social costs of student debt 12 The Distributional Consequences of Student Debt, Student Debt Cancellation, and Debt-Free College 13 The distribution of student debt and debt burden in the cross section 14 The evolution of the distribution of student debt burdens over time 15 What does the evolution of student debt tell us about the labor market? 16 How does student debt interact with longstanding economic disparaties? 16 The real distributional impact of student debt cancellation and free or debt-free college 17 SECTION 2: THE MECHANICS OF STUDENT DEBT CANCELLATION 18 The Mechanics of Student Debt Cancellation Carried Out by the Government 18 Current servicing of student loans from a balance sheet perspective 18 Possible methods of government-financed student debt cancellation 19 The government cancels the Department of Education’s loans all at once 20 The government cancels the Department of Education’s loans as borrowers’ payments come
    [Show full text]
  • 1 James Kvaal President the Institute for College Access & Success
    James Kvaal President The Institute for College Access & Success Testimony before the U.S. House Committee on Education and Labor The Cost of College: Student Centered Reforms to Bring Higher Education Within Reach March 13, 2019 Chairman Scott, Ranking Member Foxx, and members of the committee: Thank you for the privilege of sharing my views on college affordability with you. I am the president of The Institute for College Access & Success. We combine research, policy design, and advocacy to promote affordability, accountability, and equity in higher education. Before joining TICAS, I served in the Obama Administration as deputy domestic policy adviser at the White House and deputy undersecretary at the U.S. Department of Education. Few, if any, American institutions can match our colleges, universities, and community colleges in their power to improve lives, promote equal opportunity and raise living standards. But they cannot serve this mission if they are priced out of reach. For college to be affordable, students must be able to both make ends meet while enrolled and successfully repay their loans after leaving school. Unfortunately, for many students, one or both of those goals are not possible today. Financial barriers still keep many students from earning college degrees and—while the returns to college are high for those who succeed— there is a crisis for the many students who struggle to repay their loans. A million students a year default. To make college affordable, I urge the Committee to: • Reinvigorate the most important federal commitment to college opportunity: the Pell Grant; • Build a new partnership with states dedicated to affordability; and • Offer all students a simpler, easier way to repay their loans on a sliding scale based on their income.
    [Show full text]
  • Student Loan Debt: Fiona Greig Who Is Paying It Down? Daniel M
    Diana Farrell Student Loan Debt: Fiona Greig Who is Paying it Down? Daniel M. Sullivan October 2020 Abstract American families carry more than spouses—in order to manage their and 7 percent of all borrowers not $1.5 trillion in student loan debt. This debt. In particular, we find that while in deferral are on track to never pay debt provided many with the oppor- the median borrower is not unduly off their loans. These dynamics of tunity to pursue higher education, but burdened by their debt, a significant repayment put Black borrowers at a remains for others a large, potentially minority of lower-income and younger disadvantage, who, relative to White crippling, financial burden. In this borrowers are heavily burdened, borrowers, have lower incomes and report, we explore how people of required to make payments that con- higher debt balances and are 4 times different socioeconomic groups are stitute more than 10 percent of their as likely to have no payments made managing their student debt. We do take-home income. We also find that against their loans, partly due to the this by linking administrative banking almost 40 percent of those involved fact that they are less likely to receive data, credit bureau records, and public in student debt repayment are making repayment help. This debt provided records on race and ethnicity to create payments on other people’s loans, many with the opportunity to pursue a unique data asset that includes the with 27 percent of those involved higher education with commensurate income, demographics, debt balances, holding no student debt whatsoever.
    [Show full text]
  • The Student Loan Bankruptcy Gap
    IULIANO IN PRINTER FINAL (DO NOT DELETE) 11/16/2020 7:37 PM Duke Law Journal VOLUME 70 DECEMBER 2020 NUMBER 3 THE STUDENT LOAN BANKRUPTCY GAP JASON IULIANO† ABSTRACT Each year, a quarter of a million student loan debtors file for bankruptcy. Of those, fewer than three hundred discharge their educational debt. That is a success rate of just 0.1 percent. This chasm between success and failure is the titular “Student Loan Bankruptcy Gap,” and it is a phenomenon that is unprecedented in the law. Drawing upon an original dataset of nearly five hundred adversary proceedings, this Article examines three key facets of the Student Loan Bankruptcy Gap. First, it establishes the true breadth of the gap. Second, it explores why the gap has persisted for more than two decades and, in doing so, uncovers a creditor case-selection strategy designed to deter debtors from bringing legitimate claims. And third, it identifies solutions that have the potential to close the Student Loan Bankruptcy Gap and bring debt relief to millions of individuals. TABLE OF CONTENTS Introduction ............................................................................................ 498 I. The Student Loan Bankruptcy Framework .................................... 501 A. The Discharge Process ......................................................... 501 B. The Myth of Nondischargeability ....................................... 504 Copyright © 2020 Jason Iuliano. † Assistant Professor of Law, Villanova University. Ph.D. in Politics, Princeton University; J.D., Harvard Law School. Thanks to Laura Napoli Coordes, Seth Frotman, Jonah Gelbach, Melissa Jacoby, Ted Janger, John Pottow, Austin Smith, Madeleine Wanslee, Jay Westbrook, and the participants of the International Insolvency Institute’s Global Bankruptcy Workshop at Brooklyn Law School for valuable comments and discussions relating to this Article.
    [Show full text]
  • Student Debt 101 Dorsa Djalilzadeh February 2019 • the Bell Policy Center
    STUDENT DEBT 101 DORSA DJALILZADEH FEBRUARY 2019 • THE BELL POLICY CENTER Introduction As of 2019, over $1.5 trillion is owed in student loan debt in the U.S., more than credit card debt and car loans, and second only to mortgage loans. While the nation has seen a 23 percent increase in student loan debt over the last three years, student loan debt in Colorado has grown 176 percent since 2007, reaching $26.4 billion.1 This rapid escalation is a sign student debt has reached a crisis level. It’s the result of a series of pressures: greater need for credentialization, rising costs of higher education, and lack of enforcement of student debt borrowers’ protections under federal law. Taking out a student loan is an easy, commonplace practice students and their families do based on assumptions about the value of an education, but it can result in devastating financial predicaments down the road. It impacts homeownership, racial inequality, labor markets, and even the important milestones in one’s life. In fact, some experts say the larger system facilitating the borrowing of student loans is designed precisely to fail us. In order to provide a foundational understanding of student debt, this brief will explore the basic components of student debt, which include a timeline of student loan development, national and Colorado specific data, the essential features of student loans and debt, and the ultimate problems with student debt. The issue of student debt is complex; this brief isn’t meant to be exhaustive. Rather, this is an introduction to the basic parts in preparation for a more in-depth conversation on the complementary issues and solutions to the student debt crisis.
    [Show full text]
  • Stalling Dreams: How Student Debt Is Disrupting Life Chances and Widening the Racial Wealth
    Stalling Dreams How Student Debt is Disrupting Life Chances and Widening the Racial Wealth Gap September 2019 ABOUT IASP The Institute on Assets and Social Policy (IASP), located at the Heller School for Social Policy and Management at Brandeis University, works to improve our understanding of inequality by examining how assets and asset-building opportunities impact the well-being, financial security, and social and economic mobility of individuals, families, and communities, particularly those left out of America’s economic mainstream. In collaboration with our research partners, constituency groups, and practitioner organizations, we use a racial equity lens to explore the role that assets play in inequality and insecurity, and the structural and institutional barriers to asset development. AUTHORS Laura Sullivan, Tatjana Meschede, Thomas Shapiro, and Fernanda Escobar CONTACT Institute on Assets and Social Policy (IASP), Heller School for Social Policy and Management, Brandeis University (781) 736-8685 [email protected] @IASP_Heller This work was supported by a generous grant from the Kellogg Foundation. “Twenty years after starting college, the median debt of White borrowing students has been reduced by 94 percent—with almost half holding no student debt—whereas Black borrowers at the median still owe 95 percent of their cumulative borrowing total.” Higher education has never been more important for Over one quarter of all economic security, and yet, higher education has never been student loan borrowers so costly, burdening millions for decades. Today, defaulted on their loans postsecondary credentials return historically high economic within 20 years—about and social premiums and are virtually required for entry into half of all Black the middle class, with lifetime earnings for a college borrowers and a third of graduate about a million dollars greater than for a high school diploma holder.1 Rising numbers of students of color all Latino borrowers.
    [Show full text]
  • Borrowing from Our Future: the Case for Cancelling Student Debt
    Borrowing From Our Future: The Case for Cancelling Student Debt Last Updated: August 10, 2020 [Originally Published: August 7, 2020] This Explainer features contributions from the following organizations: Background Around 45 million Americans now hold student loans, an increase of over 10 million since the Great Recession.1 As of mid July, a staggering 51 million Americans have filed for unemployment due to COVID-19.2 The current recession has also disproportionately affected Black and Brown families3 who were already facing disparities in student loan debt.4 Student debt cancellation is crucial to providing immediate relief to millions of Americans and boosting the economy. Student Loan Debt Crisis Student Debt is a Crisis for Our Economy​. ​Americans now owe more in student loan debt than they do for auto loans, credit cards, or any other non-mortgage debt.5 Roughly 45 1 Federal Reserve Bank of New York, Student Loan Data and Demographics, 2018 2 Tami Luhby. “1.3 million Americans filed first-time unemployment claims last week.” CNN Business. 16 July 2020. https://www.cnn.com/2020/07/16/economy/unemployment-benefits-coronavirus/index.html 3 Congressional Progressive Caucus Center. “COVID-19’s Impact on Communities of Color. 5 May 2020. https://static1.squarespace.com/static/5a5414caf9a61e90a854b98c/t/5eb19effc61d103fb9bb42a9/1588698879972/COVID-19%27s+Impact+on+Communities+of +Color+Coronavirus+Explainer+-+C3.pdf 4 Elise Gould and Valerie Wilson. “Black workers face two of the most lethal preexisting conditions for coronavirus—racism and economic inequality.” Economic Policy Institute. 1 June 2020.​ ​https://www.epi.org/publication/black-workers-covid/ 5 See Fed.
    [Show full text]
  • Adams Leads Call to Cancel Student Loan Debt - Outlook
    ICYMI: Adams Leads Call to Cancel Student Loan Debt - Outlook ... https://ex.myhosting.com/owa/?ae=Item&t=IPM.Note&id=RgAA... Type here to search This Folder Address Book Options Log Off Mail Reply Reply to All Forward Move Delete Close Calendar ICYMI: Adams Leads Call to Cancel Student Loan Debt Contacts Alma Adams Press [[email protected]] Sent: Monday, May 11, 2020 1:18 PM Email Settings To: Steve Johnston Deleted Items (2) Drafts Inbox (1) Junk E-Mail Sent Items Click to view all folders 16-12 Grants Committee 20-01 (26) 20-02 (18) 20-03 (27) 20-04 (27) 20-05 (5) Reps. Adams, Omar, Pressley Lead Call to Cancel Student Loan Debt Manage Folders... "Research has shown that student debt cancellation can help stimulate the broader economy, add up to 1.5 million jobs per year and boost GDP up to $108 billion per year." Charlotte – Congresswoman Alma S. Adams, Ph.D. (NC-12), Congresswoman Ilhan Omar (MN-05), Congresswoman Ayanna Pressley (MN-05) and 28 additional Members of Congress sent a letter to House Speaker Nancy Pelosi and House Minority Leader Kevin McCarthy today calling for the universal, one-time, student loan debt cancellation of at least $30,000 per borrower in the next round of COVID-19 relief legislation. Additionally, Adams (@RepAdams) will participate in a tweetstorm about student debt at 2:00 PM today. “With today’s jobs report showing the greatest unemployment rate since the Great Depression, it has never been a more important time to eliminate student loan debt,” said Congresswoman Adams.
    [Show full text]
  • Ten Reasons to Cancel Student Loan Debt
    Fact Sheet January 2021 | Asha Banerjee Ten Reasons to Cancel Student Loan Debt Student debt cancellation must be a federal priority for the new administration. As the devastating health and economic toll of the COVID-19 pandemic deepens, millions of student borrowers are held back by high levels of debt on top of job losses and the struggle to cover their basic needs. The pause on payments is only a temporary fix. Since student loan debt disproportionately impacts Black and Latinx borrowers, especially women, cancelling student debt is a racial and economic justice issue. 1. Student loan debt is a national crisis In recent decades, especially after the 2008 Great Recession, outstanding student loan debt has skyrocketed, reaching $1.7 trillion. It affects over 45 million borrowers, households, and families nationwide.1 The price of a higher education has risen while wages and incomes have remained stagnant. Cancellation would bring much- needed relief to millions, especially because many people may also be struggling with lost income, food and housing insecurity, and a disrupted education due to the COVID-19 pandemic and economic recession. 2. Cancelling student debt would advance gender and racial equity The burden of student loan debt is not borne equally. Women hold over two-thirds of all outstanding debt.2 Black borrowers also have higher average levels of debt and default.3 Systemic barriers, such as persistent discrimination in housing, employment, and access to educational opportunities, have kept many Black households from accumulating and inheriting wealth. As a result, Black students are overrepresented at for- profit institutions, many of which strand borrowers with astronomical levels of debt.
    [Show full text]