MIAMI – Today, Congresswoman Frederica S. Wilson (FL-24), Ranking Member of the Higher Education and Workforce Development Subcommittee, issued the following statement on the Supreme Court’s ruling to block President Joe Biden’s student loan forgiveness plan:
“Today’s decision by the U.S. Supreme Court to block President Biden’s much-needed student loan forgiveness plan is deeply disappointing. This ruling strikes a severe blow to communities of color and working Americans who desperately need student debt relief. This decision perpetuates inequality and lays bare the double standard of economic assistance in this country: Banks get billions in bailouts while debt-ridden students get nothing.
“Our federal government has eagerly stepped in to bail out banks, car manufacturers, and airlines when they face financial distress. Just this year, we witnessed the bailout of Silicon Valley Bank and Signature Bank. Yet, the Supreme Court blocked President Biden’s student debt relief plan for everyday Americans burdened by student debt. This inconsistency sends a troubling message that the financial well-being of powerful corporations is prioritized over the financial security of hardworking Americans and their families.
“In a country where we go into every classroom across the nation to instill in children, from a young age, that college is the path to success and to ingrain in first-generation children that going to college will lift their families out of poverty, it’s ridiculous that we then send teenagers to walk the plank and jump into a pool with hundreds of thousands of dollars of student debt that will drown them for life.
“Sadly, the court has denied a vital source of relief to those grappling with financial distress worsened by the pandemic. It is no secret that the pandemic has disproportionately impacted communities of color, exacerbating inequalities. Student debt cancellation would have been a bold step toward narrowing the racial wealth gap.
“The fight is not over. I will keep fighting for student debt relief and similar policies that uplift our communities, promote equality, and ensure every American has a fair chance to succeed.
“I stand ready to support any pathway to provide debt relief for students and borrowers currently struggling with student loan debt, including through amending the Higher Education Act. That’s why I’ve sponsored the Lowering Obstacles to Achievement Now (LOAN) Act — legislation that brings together some of the most forward-thinking and innovative proposals which address the core issues that led to the student debt crisis.”