Today the U.S. Supreme Court will hear arguments over whether President Biden can cancel student loan debt as part of a pandemic era relief program. According to the New York Times the ruling by the court expected in June will affect tens of millions of low- and middle-income Americans who could quality for up to $20,000 in student loan debt forgiveness. It could be an important first step in addressing the student loan crisis.
For Black Americans, who owe a disproportionate amount of the $1.7 trillion in national student loan debt, the student debt crisis is more complex. It is compounded by a history of oppressive economic policies — from sharecropping to subprime mortgages to predatory for-profit colleges — that created a financial weight on Black Americans well before the pandemic era.
One analysis of federal data found that nearly 87% of Black college students used federal loans to attend a four-year college, compared to less than 60% of white students.
According to a recent study from the Education Trust. Black borrowers owed an estimated $39,043 one year after graduation – compared to just $28,661 borrowed by white students.
By the 12-year mark, the average white borrower has successfully paid off 35% of their debt, while the Black borrower isn’t even close: They typically end up owing 13% more than what they originally borrowed.
Most experts point to one major issue behind this disparity: the racial wealth gap. Black students often turn to student loans because their parents can’t foot the bill for their higher education.
Emerging from the bitter experience of Babylonian exile, God through the prophecy of Isaiah proclaimed a jubilee a time of liberation. (Isaiah 61, 1-3a).
The system of funding higher education in America is broken. Forgiving all student loan debt and devising new ways to finance college which do not include student borrowing is the jubilee, the liberation that is within our reach. It is the divine gift that our divisive political system can give only with God’s guidance.
Today, I pray clarity of thought and purpose as the justices listen to and debate the arguments. In June when the decision is announced I pray kk that it sparks the student loan jubilee that is so desperately needed.
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