Atlanta, Georgia: A Loud Call for Student Debt Relief
Itโs a common belief that student debt is primarily a young personโs problem, but thatโs changing fast. In fact, older Americans are becoming the fastest-growing group when it comes to student debt. And truth be told, Iโm part of that group. At 77 years old, I find myself facing a staggering student loan debt of $549,497.20. Itโs mind-blowing, isnโt it?
The Financial Strain on Seniors
As we seniors try to manage our fixed incomes, juggling expenses like rent, medical bills, and the cost of everyday essentials, making student loan payments often gets pushed to the back burner. We watch in despair as decades of ineffective relief programs and sloppy government oversight create a perfect storm, leaving many of us dragging our unrelenting student debts into retirement.
Itโs a crisis thatโs getting worse with each passing year. The longer this goes unchecked, the older we get and the larger our debts become. Thatโs why I, along with a group from the Debt Collectiveโs caucus of older student debtors, am heading to Washington D.C. on September 12th. Weโre not going to play nice anymore; weโre asking the White House and the Department of Education to step up and clean up this mess.
Making History
This isnโt just any old protest. This is the first time in history that older Americans are directly leading the charge for student debt cancellation. Now, letโs be real; thereโs been a lot of noise from certain political corners trying to block any form of student loan relief. However, cancelling student loans isnโt just a dream; itโs completely legal and, honestly, itโs something that needs to be done quickly.
The federal government has specific regulations that allow the education department to discharge student loans for older debtors. Itโs time for the Biden-Harris administration to use that option to liberate us from these burdensome debts. Why wait? If we donโt get help now, many of us will carry this financial weight right to our graves.
A Personal Story
Just like so many others, I borrowed to make my life better. As a single parent, my top priority was my kidsโgiving them proper food, good clothes, and maybe a fun trip now and then. I pursued a masterโs degree in English education to become a teacher and make a difference. I dedicated two decades of my life teaching students from underserved communities. I truly loved those years. I loved my students, but hereโs the kicker: The pay was simply not enough.
After retiring from teaching, I realized I had to go back to school at age 65 to pursue another masterโsโthis time in pastoral counseling. As a survivor of sexual abuse, my aim was to offer healing and solace to others in the community who needed it. I worked hard, and through my efforts, I found my calling.
Systematic Injustice
But let’s talk about the bigger picture. Thanks to a lack of solid leadership, many victims continue to suffer in silence while false narratives about laziness and failure circulate. I experienced the shame that often accompanies being overwhelmed with debt as I worked multiple jobs as a single mother, struggling to keep up with payments, even with a repayment plan.
Each notice from my loan servicer felt like a punch in the gut; anxiety and depression crept in every time. Ignoring those letters only made it worse, but I often couldnโt bring myself to open them up. Why? Because I already knew how grim the situation was. It felt like I owed as much as a high-powered lawyer or doctor but with none of those perks!
The Change that Must Happen
Itโs become clear that thereโs a way out of this mess. With the power of the Biden-Harris administration, we can finally see relief for older debtors. Weโre demanding it now because the effects of this crisis ripple through generations. Todayโs younger borrowers will undoubtedly become tomorrowโs older debtors, perpetuating a cycle of despair.
Itโs time for us, the older student debtors, to stand up and make our demands heard in D.C. Weโre not going to suffer in silence anymoreโthis is our moment. Letโs get this debt canceled while weโre still around to enjoy the freedom that comes with it!
