What is “Savoring” and How Can it Help You Build Wealth?
The student debt crisis is a consistent pain point for millions of Americans. With over 45 million Americans drowning in student loan debt and the recent COVID pandemic that led to the highest job loss since the Great Depression, forgiveness would undoubtedly help millions of people. Our community constantly shares the sacrifices they have to make because of their student loan debt: postponing starting businesses, traveling, buying real estate, marriage, and children, to name a few. It’s also a barrier for people of color who are the first in their family to build generational wealth.
Besides helping people build a solid financial foundation, canceling student debt would boost the economy and narrow the racial wealth gap. “One-time cancellation of the $1.4 trillion outstanding student debt held would translate to an increase of $86 billion to $108 billion a year, on average, to GDP.,” experts say.
While the Biden administration is considering canceling $10,000 in student loans, we know we can do better. As constituents, it is our responsibility and duty to demand for policies that will benefit us as a society.
We compiled a list of resources and advocacy groups you can follow to support the cause.
Platforms to start a campaign:
Resistbot - https://resist.bot/news/2020/01/14/introducing-petitions
5 calls - https://5calls.org/all/
Student debt advocacy groups:
Their mission: Student Debt Crisis (SDC) is a non-profit 501©(4) organization committed to the fundamental reform of our nation’s student debt and higher education loan policies. SDC fights hard on two fronts: one, working directly with borrowers to help them navigate the bewildering and frustrating loan repayment system – and two, advocating for lasting and meaningful change through advocacy work and the lobbying of national and state legislators.
Their mission: Our country is better when everyone, regardless of their background, has a pathway toward affordable, quality higher education. We show policymakers how to make debt-free college a reality for the most diverse generation of students in American history.
Their mission: Millions of students and families are facing record unemployment, hampering their ability to pay for college and repay their loans, and institutions have been hit with billions of dollars in lost revenue and unexpected costs related to reopening, testing, and providing personal protective equipment.
Their mission: Rolling Jubilee is a Strike Debt project that buys debt for pennies on the dollar, but instead of collecting it, abolishes it. Together we can liberate debtors at random through a campaign of mutual support, good will, and collective refusal.
Their mission: We are the oldest and largest citizen’s group in the nation fighting for student loan justice. We’ve been featured on 60 Minutes (top story), in the New York Times, Rolling Stone, NPR, PBS, and many other places. We fight only and absolutely for the people. If you have student loans, please join us in this fight.
Their mission: For young adults, higher education is one of the best pathways to gaining skills, getting on track to start a career, and ultimately achieving financial security. But reaching this goal is far too difficult for too many students. Skyrocketing college costs present one major barrier. Since the Recession, tuition and fees at both 4-year and 2-year institutions have risen 28 percent, making it increasingly difficult for our generation to access and afford a degree.
Melissa is the founder of Project Springboard a new space to organize defaulted student loan borrowers and parents of future college students to fight for loan forgiveness and free college.
How you can take action right now:
Sign this petition from the nonprofit organization, our financial security.
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