"The existing burden of the student debt left 45 million Americans even less prepared to weather the economic crisis triggered by the coronavirus pandemic. This burden weighs especially heavy on communities of color. Black graduates, for example, owe on average $7,400 more on student loans than their white counterparts. Additionally, women hold two-thirds of the country’s student debt and on average borrow $3,000 more than men to attend college—yet because of the wealth and wage gap, women find it harder to repay their loans. Research shows that Americans with high student debt burdens pay nearly $30,000 in hidden costs across other financial products, including mortgages, credit cards, and auto loans. Left unaddressed, the student debt trap will deepen our current recession, exacerbate inequality, widen the racial wealth gap, and slow our economic recovery."
Read Full Letter Here