Making student debt relief stick
Solving the current crisis isnât enough. We have to prevent the next one.
By Yvonne Abraham Globe Columnist,Updated February 24, 2021, 6:23 p.m.
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Canceling student debt is the easy part.
The bigger question is, how are we going to fix it so that weâre not right back here in a few years, with millions more crushed by the next and following waves of college loans?
Easy is a relative term, of course, when it comes to dealing with this crisis. Weâre in a major pickle here. About 45 million Americans owe $1.6 trillion in student loans. One in 10 of them are in default, and those who are struggling are disproportionately Black and brown.
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Among Dee’s friends, talking about money is considered impolite. But that’s not really what stops her. “Most of my peers are white,” she says, “and I get very angry about the systemic inequality evident in our situations, and their seeming obliviousness to it.”
Dee’s family has been middle-class and college-educated going back three generations, “since Black people reasonably could be,” she says. Her maternal grandparents were the children of sharecroppers in the South, migrated north as adults, got graduate degrees, and, unlike millions of Black Americans who were unable to secure mortgages at the time due to racist housing covenants and lending practices, bought a home.
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