Are you tired of feeling like a slave to your student loans? So is Cleveland! Mayor Justin M. Bibb has joined 40 other cities and counties in 24 states in filing an amicus brief with the U.S. Supreme Court in support of President Biden’s plan to forgive student loan debt.
In August 2022, President Biden announced a program that would cancel a maximum of $20,000 in federal student loans for qualifying borrowers. However, Nebraska and six other states have challenged the program, claiming that relieving students from the crushing burden of debt would violate the separation of powers and the Administrative Procedure Act.
But Cleveland isn’t backing down. In the amicus brief, the city reminded the Supreme Court of the following:
- Student loan debt is currently the largest component of personal debt in the U.S, at a whopping $1.7 trillion
- Many residents are financially crushed by these burdens and forced to leave school early, enter career fields that don’t align with their training, or rely on government programs for assistance.
- Student debt burdens not just young professionals beginning their post-education careers, but also older residents, preventing them from being able to retire and stymieing intergenerational wealth creation.
- Student debt disproportionately affects people of color, who are also hit hardest by the COVID-19 pandemic. Canceling student debt is crucial for addressing the racial wealth gap as well as related gaps in employment, homeownership, and other sources of wealth creation.
“Student debt is crushing the economic dreams of too many Cleveland residents, and it falls particularly on Black and brown students who are trying to succeed through hard work and education,” said Mayor Bibb. “I will always support the educational aspirations of our young people.”
So, let’s join Cleveland in the fight against crushing student debt and make our dreams of financial freedom a reality!