The NAACP is joining forces with the U.S. Department of Education to help Black borrowers get out of student loan debt with the help of Biden’s SAVE Plan.
The organization announced its strategic partnership with Civic Nation, the National Urban League (NUL), Rise, the Student Debt Crisis Center, UnidosUS, and Young Invincibles to raise awareness of the student loan repayment program per a news release shared with ESSENCE.
“The NAACP firmly believes that the pursuit of a higher education should not condemn American families to a lifetime of financial strain,” said NAACP Derrick Johnson, President and CEO. “Let’s be clear – there is no racial equity without economic equity. That’s why the NAACP remains committed to finding equitable options for Americans crippling under the unbearable weight of student loan debt,” “This partnership with the Department of Education is just the beginning. We must continue to find innovative ways to support borrowers despite the efforts that have been made to eradicate student debt solutions. We look forward to our communities receiving the relief they deserve through the SAVE plan. The NAACP will continue to engage in partnerships like this one to ensure that we are remaining proactive in addressing the student debt crisis and alleviating the disproportionate burden shouldered by countless Black borrowers.”
As previously reported by ESSENCE, earlier this summer the Education Department updated their beta version of its income-driven repayment plan application on the Federal Student Aid (FSA) website, which now details the Saving on a Valuable Education, or SAVE.
The plan lowers monthly payments, provides faster forgiveness for those who qualify and does away with growing balances due to unpaid interest. This comes months after the administration initially fought for this program amid many others aimed at alleviating the nearly $2 trillion in US student loan debt after the Supreme Court struck down widespread loan cancellation.
“Education should be the key to financial freedom, not the barrier. Now more than ever, it is crucial that we continue the work necessary to ensure equitable access to education,” said Wisdom Cole, National Director of the Youth and College Division in a statement shared with ESSENCE. “Americans, particularly Black Americans, are in crisis and now is not the time to back down. We are excited to work with the Administration, and will continue to engage in this collaborative work to forge pathways towards comprehensive student debt forgiveness. The SAVE plan is a step in the right direction as we continue to identify and dismantle all barriers to student debt forgiveness.”