Unfortunately, this news does almost nothing for me and millions of others. It falls far short of what economic and racial justice requires. That’s why I’ve joined more than 250 people, all over 50, who are pledging to hit our student loans when payments resume. Our number is growing every day. Most people think that the student loan crisis is a problem that affects young people. As a 65-year-old woman, however, I’m actually among the fastest-growing demographic of student borrowers. We know that this debt will not go away – for us or for Americans of any age – unless we stand up and fight it. That’s why we’re ready to strike. I have over $300,000 in student debt. Weight negatively affects my emotional and physical existence. You may be wondering how it is possible to accumulate such a large amount of student debt, so let me explain. As a single, black, immigrant woman, I always told my four children that education was the most important part of their upbringing. But I soon realized that I was hardly following my own advice: I didn’t feel comfortable advising my children to achieve the highest level of education when I myself didn’t. I am a mentor, educator and advisor to my children. I wanted my guidance and advice to be built on a strong educational and spiritual foundation. My debt is a financial drain but it’s also emotional In January 2010 I started a PhD program in human resource management. My biggest mistake was enrolling in a for-profit school. I did achieve my academic goals in August 2016. However, this feeling of success was short-lived. After graduation, I had to start paying off student loans. My school did not play fair with me while I was doing my Ph.D. The administrators changed the length of my program from three to six years. They actively took me away from my research interest in the effects of slavery and globalization, adding more time to my curriculum. Meanwhile, I continued to pay. From an initial loan repayment of $75,000 per year, my debt grew to $300,000. Then my kids started college. Because of my own debt, I was unable to qualify for parent loans to help my two youngest children pay for their undergraduate education. I also couldn’t plan for the future. I drained my retirement funds trying to pay off those loans and was unable to pay them off because, as a good citizen, I prioritized paying off my student loans above all else. My debt is a financial drain but it’s also emotional. I have been stressing about this for 12 years and the stress has taken a toll on my physical health. I suffer from hypertension and high cholesterol and recently had emergency surgery to remove my gallbladder due to digestive problems caused by unnecessary stress. I spend a lot of time thinking about the fact that I’m 65 years old, with projected loan repayments for the next 21 years of my life – meaning I’ll be 86 when I pay them off. When you are burdened with student debt, there is no quality of personal or professional life. You’re stuck at home – past vacations, visits to family and friends, business conferences, everything. Like many debtors, I struggled to see a way out. As a senior, I have often felt especially alone as a student debtor. When I learned about Debt Collective, the nation’s first debtors’ union, I realized I wasn’t alone. I found others with similar stories and experiences, including many other seniors. As a team, we understand that we are stronger together. And we take action. If Biden doesn’t cancel our debt, we will go on strike. I joined the 50 over 50 debt strike to make sure people know there are bigger debtors and we are growing in numbers. Because student loans are structured as a debt trap, there are more and more senior borrowers every day. My fellow strikers and I cannot pay – and we will not. We don’t have to take money out of our retirement to pay for college. I accumulated this massive student debt due to the inhumane policies of the lending institutions and for-profit schools and the lack of support and intervention from government agencies. Biden has the power to cancel student debt for all of us, automatically and immediately. Why doesn’t he use it? Please Joe Biden: fix things – by canceling all student debt.
