Student Debt
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This piece was originally published at Cronkite News here. PHOENIX – Student loan forgiveness could eliminate college debt for thousands of Black and Latino borrowers in Arizona. According to the U.S. Department of Education, more than 800,000 Arizonans have federal student loan debt. By canceling it, advocates say, Black and Latino incomes could increase and help reduce the racial wealth gap. The forgiveness plan, which President Joe Biden announced in August and now is stalled in federal court, is targeted toward students like Terriana Dennis of Phoenix, a Black alumna of the University of Arizona. Dennis, who works as a fraud, waste and abuse agent for the medical transportation company Veyo, said she has $15,000 in student loans. “The student loan program will benefit people of color and low-income families in a significant way,” Dennis said. Read the entire piece here.

FOR IMMEDIATE RELEASE: January 10, 2023 Contact: info@studentdebtcrisis.org “The administration’s plan to fix broken IDR programs is critical relief that will ease the burden facing low-income Americans. Unfortunately, the plan repeats past mistakes that leave too many holes in the student loan safety net. Parents are excluded from the new benefits even though many are shouldering their children’s debt on top of their own debt. And, graduate students are blocked from the full benefits of the plan despite them carrying higher, more unaffordable monthly payments,” said Natalia Abrams, President of the Student Debt Crisis Center. “We are optimistic that the administration’s plan will lower monthly payments, but we believe that more work must be done to provide comprehensive relief for every borrower. That means delivering on the promise of broad-based debt cancellation and securing additional reforms that benefit all borrowers.” “For decades borrowers have leaned on IDR programs to help them afford necessities without falling behind on their student loans, but the programs still left far too many people with unaffordable payments and loan balances that were increasing. This plan is a step in the right direction that will provide a meaningful path forward for borrowers trapped in a never-ending cycle of student debt,” said Cody Hounanian, Executive Director of the Student Debt Crisis Center. “At the same time, we hear and echo the voices of our two-million supporters who say this plan does not go far enough. Parents, graduate students, and those sinking in the quicksand of compounding interest will double their advocacy to ensure the administration’s reforms benefit those who need it most.”

Advisory for February 28, 2023 | WASHINGTON, D.C. — A diverse coalition of advocacy organizations will hold the People's Rally for Student Debt Cancellation, set to take place in front of the U.S. Supreme Court on February 28, 2023. The rally is planned for the day the Court will hear oral arguments in two cases challenging the Biden Administration’s student debt cancellation program. Co-sponsors of the rally include Alliance for Justice, American Federation of Teachers (AFT), Center for Responsible Lending (CRL), Debt Collective, Demand Justice, Dream Defenders, Future Coalition, Lawyers’ Committee for Civil Rights Under Law, March On, MoveOn, NAACP, National Consumer Law Center (NCLC), National Council of Jewish Women, Inc., National Education Association (NEA), National Urban League, New Georgia Project, NextGen America, Pizza to the Polls, Rise, Service Employees International Union (SEIU), Student Borrower Protection Center (SBPC), Student Debt Crisis Center (SDCC), The Leadership Conference on Civil and Human Rights, We The 45 Million, Young Invincibles, and 1000 Women Strong. To conduct an interview with spokespeople before, during, or after the rally, please contact Cody Hounanian at cody@studentdebtcrisis.org. When: February 28, 8 AM to 12 PM ET Where: Steps of the Supreme Court, 1 First St NE, Washington, D.C. 20543 This rally comes after the U.S. Supreme Court in December decided to hear two cases challenging the legality of the Biden Administration’s student loan cancellation program, which is currently blocked. Last month, a broad coalition convened to support the Administration and highlight the program's positive impact, lack of legal standing by its opponents, and the legality of student debt cancellation—filing over a dozen amici curiae briefs with the Supreme Court in support of cancellation. ###

By: Jimmy Germano WASHINGTON — The People’s Rally for Student Debt Cancellation is being held on Tuesday, February 28th, 2023. It is being held on the same day that the Supreme Court will begin to hear oral arguments regarding two student debt forgiveness cases. Over 20 organizations will be in attendance at the rally, including the Student Debt Crisis Center (SDCC), the NAACP, and the American Federation of Teachers (AFT). Here are some things that will be important to know if you’d like to get involved on this important day: RSVP You can RSVP for the rally. Included on the RSVP form is a question about whether you will need help with transportation for the event. You can complete the RSVP form here. There is also a live stream of the event on YouTube here. Date & Time The rally is scheduled for Tuesday, February 28th, 2023. It will take place from 8:00 AM to 12:00 PM. Where? The rally will take place in front of the Supreme Court. Case Background The Supreme Court has agreed to hear two cases regarding the Biden Administration’s student loan forgiveness program. Here is the background for both: Case One: Biden v Nebraska The United States District Court for the Eastern District of Missouri dismissed a lawsuit brought by six attorneys general of republican-led states to stop Biden’s student debt relief plan. Then, the case went to the U.S. Court of Appeals for the Eighth Circuit, where three judges issued an injunction, or blocked, the plan. Then, the Justice Department (DOJ) filed an emergency application to lift the injunction on the forgiveness program. Last, the Supreme Court agreed on December 1st that they would take up the case, and are now set to hear oral arguments on February 28th. The Biden Administration originally launched the relief plan for student debt in August 2022, which faced legal challenges and complaints for several months before the case finally made it to the Supreme Court. Case Two: Department of Education v Brown This case involves two student loan borrowers: Myra Brown and Alexander Taylor. They sued the Department of Education for two reasons. According to the case docket, they sued because first, they allege that the program violates APA’s notice-and comment requirements. Second, they argue that the Education Secretary does not have the authority to cancel student loans under the HEROES Act. Next, the Department of Education moved to dismiss the case arguing that Brown and Taylor lacked the legal standing to sue, according to the Legal Information Institute at Cornell. The Department also opposed Brown and Taylor’s motion for a preliminary injunction on the loan forgiveness program. The district court ultimately sided with Brown and Taylor, declared the plan unlawful, and vacated it. Then, on November 10, 2022, the Department of Education filed a motion for the stay of the judgment pending appeal with the U.S. Court of Appeals for the Fifth Circuit. This would have temporarily suspended the district court’s ruling to vacate the program, but the Fifth Circuit Court rejected the Department’s motion. Last, after this rejection, the Supreme Court accepted this case as the second of two to be heard on the issue of student debt forgiveness. Can’t Make It? Check to see if your college will be hosting their own series of student debt protests or events. Also, be sure to stay in the loop with what is going on in terms of student debt by following SDCC on instagram @debtcrisisorg and on twitter @debtcrisisorg.

Student loan company launches new legal attack to block America's student loan borrowers from receiving relief We are outraged by SoFi's lawsuit aimed at halting the pause on federal student loan payments. It is a shameful attempt by wealthy corporations to dismantle policies that working families depend on. “The actions of student loan lenders and servicers are nothing short of an attack on America's students, parents, and borrowers. They are using their enormous wealth to block President Biden's debt cancellation plan and the pandemic payment pause. We condemn SoFi’s actions and call on the Biden Administration to take every necessary step to protect borrowers from these egregious legal maneuvers,” said Natalia Abrams, President of the Student Debt Crisis Center. The federal student loan payment pause is a vital lifeline for millions of families. It has helped those impacted by the COVID-19 pandemic keep food on the table and a roof over their heads. For others, it has provided the stability needed to get back on their feet after years of economic disruption. A recent SDCC survey of 31,000 borrowers clearly showed that 83% of student loan borrowers rely on the payment pause to make ends meet, and two-thirds do not feel that the COVID-19 pandemic is over. SDCC firmly believes that federal student loan payments should remain paused until the Biden Administration fulfills its promise to broadly cancel student debt. Last week's People's Rally for Student Debt Cancellation, attended by over 23,000 people in person and online, highlighted the urgent need for long-term debt relief, including continuing the payment pause and permanently erasing debt.

Basic Needs - COVID Survey Summary by Sabrina Cereceres (SDCC)

FOR IMMEDIATE RELEASE What: Beyond Student Debt report March 15, 2023 Contact: Cody Hounanian cody@studentdebtcrisis.org Report Reveals Student Loan Borrowers Struggling to Meet Basic Needs A series of surveys shows student loan borrowers face persistent obstacles to afford food, shelter, and healthcare. SDCC’s report offers evidence that federal student loan relief programs must continue and underlines the need for additional support services. The Beyond Student Debt report, an analysis of six surveys conducted between May 2020 and November 2022, found that an alarming number of people are unable to afford basic needs due to the burden of student debt and the economic impact of the pandemic. The surveys, which received between 23,532 and 58,733 participants, also shows that the federal student loan payment pause is essential for many borrowers as it enables them to allocate more funds towards basic necessities, such as food and housing. Findings include: Borrowers experienced food insecurity at a rate 61% higher than the national average between 2020 and 2022 The percentage of borrowers struggling to pay for healthcare and medicine increased by 34% between 2020 and 2022 The percentage of borrowers who could not afford rent increased by 17% between 2020 and 2022 51% of borrowers reported feeling anxious, stressed, or depressed compared to the national average of just 15.6% Borrowers were 8 times more likely to experience housing insecurity than the national average in 2022 SDCC is calling for several critical next steps. First, the Biden administration must ensure that federal student loan payments remain paused until permanent debt cancellation is secured. The study found that over 72% of borrowers have used the money saved during the payment pause to purchase food and nearly two-thirds of respondents directed their funds towards housing and utilities. Second, SDCC is launching the Beyond Student Debt campaign to offer resources and build support structures to help borrowers meet their basic needs. This campaign will offer a holistic approach to assisting borrowers with the cost of food, shelter, healthcare, and more. SDCC will serve as a vital link between borrowers and essential support resources by creating a directory of resources that will enable borrowers to access crucial support services, collaborate with partners that have experience supporting the needs of various communities, and, where possible, offer direct services to connect borrowers with government and nonprofit assistance programs. “The findings of this study are deeply alarming. Millions of families are at risk of going hungry, being homeless, and harming their health due to the burden of student debt,” said Natalia Abrams, President and Founder of Student Debt Crisis Center. “We call on policymakers to take every step necessary to protect borrowers, including extending the payment pause and canceling debt."   “We must do better to support those who are pursuing higher education and the opportunities it provides. That is why SDCC is committing to offer comprehensive support for borrowers to ensure all of their needs are met” added Cody Hounanian, Executive Director of Student Debt Crisis Center. “Everything from food and housing resources to mental health resources are part of solving the personal student debt crisis family’s face. We hope that findings of this study will inspire allies to join us in this important new campaign.” Student Debt Crisis Center is a national nonprofit representing over 2 million supporters. SDCC is dedicated to uplifting borrowers’ stories and advocating for an end to the student debt crisis through debt cancellation. For more information on our Beyond Student Debt report, click here.

FOR IMMEDIATE RELEASE May 23, 2023 Contact: Cody Hounanian cody@studentdebtcrisis.org Student Debt Crisis Center Condemns Effort to Strip Student Debt Relief From 40 Million Americans, Urges Congress to Vote “NO” on CRA (Washington D.C.) – The Student Debt Crisis Center is deeply concerned about the impending vote on the Congressional Review Act (CRA) which would overturn the Biden Administration's actions to address the student debt crisis. This action would inflict immediate and devastating consequences on tens of millions of borrowers who are still struggling to recover from the profound impacts of the COVID-19 pandemic and its economic fallout. The CRA will retroactively end the pause on federal student loan payments and interest accrual, as well as block President Biden's debt relief plan. If passed, the CRA would force student loan payments to start immediately; it would reverse relief borrowers already received through Public Service Loan Forgiveness; and it would task the Department of Education with clawing back relief from families who depend on it. SDCC urges lawmakers to vote “NO” to oppose the CRA and reject efforts to overturn critical student debt relief. Americans broadly support the Biden Administration's efforts and oppose the CRA. SDCC supporters alone have sent over 111,000 letters to Congress, called legislators’ offices, and signed petitions urging representatives to reject this harmful resolution. By voting “NO”, they will stand in solidarity with families in their districts who are in dire need of relief. "We implore every representative in Congress to reject this audacious assault on borrowers and to work towards ending the student debt crisis, rather than exacerbating it,"  said Natalia Abrams, President and Founder of the Student Debt Crisis Center.  "Our adversaries have done nothing but erect obstacles for far too long. It is high time for policymakers to collaborate to achieve the solutions that advocates, experts, and ordinary individuals have fought for." “Overturning the payment pause and forcing borrowers into immediate repayment would be catastrophic. It would inflict harm upon millions of Americans, particularly the most financially vulnerable among us, who are still struggling to recover from the pandemic,"  said Cody Hounanian, Executive Director of the Student Debt Crisis Center.  “The CRA is a shocking abdication of lawmakers’ duty to support the financial health of families nationwide. We will not stand idly by while some lawmakers attempt to dismantle the progress we have painstakingly achieved." ### Student Debt Crisis Center (SDCC) is a non-profit organization centering the needs and voices of borrowers and partnering with allies, to impact public policy and end the student debt crisis. The center works directly with borrowers to help them navigate the bewildering and frustrating loan repayment system and advocates for lasting and meaningful change. It leads a people-powered movement representing over 2 million supporters. Learn more at www.studentdebtcrisis.org and follow SDCC on Twitter at @DebtCrisisOrg.

FOR IMMEDIATE RELEASE Cody Hounanian cody@studentdebtcrisis.org | (646) 820-8037 Biden Administration Extends Federal Student Loan Payment Pause, Advocates Call for Pause to Continue Until Debt is Canceled Today, the Biden Administration announced that it is extending the pause on federal student loan payments until June 30, 2023 or until after legal challenges to President Biden’s student debt cancellation plan are settled. We welcome this news as millions of borrowers, who were depending on the President’s student debt cancellation plan, are facing uncertainty due to recent legal challenges. Without debt cancellation, borrowers are left shouldering the persistent harm caused by the COVID-19 pandemic, skyrocketing inflation, and an unclear financial future. Extending the payment pause is the most meaningful relief available at this time. Keeping payments turned off until student debt is canceled is critical for working families across the country. A recent Student Debt Crisis Center survey of over 31,000 borrowers found that 83% currently depend on the financial relief provided by the payment pause. Further, 62% of borrowers say they have not financially recovered from the pandemic. That’s why borrowers and advocates are urging the President to keep payments off until student debt is canceled. In just the past week, over 58,489 people signed the petition and 28,609 people sent letters to the White House urging the President to take such action. "Restarting student loan payments is simply not affordable for millions of Americans. Federal student loan payments must not resume during this critical time – and the pause should continue until the President’s student debt cancellation plan is secured,” said Natalia Abrams, Student Debt Crisis Center President. “We applaud the President for doing the right thing. Too many borrowers, parents, and students have yet to recover from the financial harm caused by the pandemic and the possibility of a winter surge in COVID-19 cases is proof that this crisis is not over. Student debt cancellation is essential to helping borrowers recover from the pandemic, but it remains stuck in the courts.”

President Joseph R. Biden The White House 1600 Pennsylvania Avenue, NW Washington DC 20500 November 21, 2022 Dear Mr. President, We thank you for taking historic action to tackle the student debt crisis in our country and promising life-changing relief to millions of federal student loan borrowers. In just over one month, more than 26 million borrowers have applied for student loan debt relief—further evidence of the crushing burden this debt has had on workers and families from all walks of life and the promise debt cancellation will have for millions seeking an economic fresh start. But in mid November, a Trump-appointed judge in Texas, followed by a panel of Republican appointed judges in Missouri blocked that critical debt relief. As a result, millions of borrowers—including 16 million whose applications have already been processed and approved—remain stranded in economic limbo. We applaud your Administration’s commitment to fighting against these lawsuits and immediately appealing these decisions. In fewer than 45 days, as tens of millions of student loan borrowers remain closer than ever to historic debt relief, student loan payments are set to resume for the first time in nearly three years. This threatens to set borrowers back financially as our country grapples with the lasting effects of the COVID-19 pandemic, as our economy continues to experience the highest level of inflation in nearly four decades, and as government regulators sound alarms on rising levels of borrower distress. We, the undersigned 225 organizations, urge you to immediately extend the payment pause until your Administration is able to fully implement debt relief for all eligible borrowers and to continue to use every legal authority at your disposal to make this relief real. At the same time that student loan borrowers are facing financial catastrophe, a growing body of evidence shows that the companies contracted by the Department to assist borrowers in enrolling in the existing set of affordable repayment plans and navigating other student loan discharge options remain woefully unprepared for payments to resume. It is important to remember that these borrowers have student debt because the cost of college, a critical pathway to the middle class, has spiraled out of control. They also have this debt because past administrations routinely broke their promises to deliver affordable loan payments and debt relief. These borrowers deserve more than another broken promise. The cost of yet another broken promise to people with student debt will be immense. Just two weeks ago, a new generation of voters were mobilized and driven to the polls in part by the momentum from your promise to deliver on student debt. We urge you to use every legal tool in the government's toolbox in order to keep their faith in government and show them that, despite the threats to it, our democracy is capable of listening to their concerns and meeting their needs. As you explained to the American people when you announced your intent to restart student loan payments in January 2023, your Administration’s monumental debt relief plan is a necessary first step to protect borrowers and prevent disastrous loan defaults and other financial distress, particularly in light of the ongoing economic challenges facing our nation as a result of the pandemic. We cannot allow these blatantly political lawsuits to throw millions of borrowers into financial catastrophe. Throwing millions of borrowers back into repayment as the state of debt relief remains uncertain is a recipe for disaster and will result in widespread confusion and set borrowers up for failure. We strongly urge you to extend the pause on student loan payments and continue to use every legal authority at your disposal to fight to ensure that borrowers receive the debt relief they need. We look forward to supporting your Administration as you take this necessary action and work to deliver on the promises made to student loan borrowers across the country. Sincerely, National Organizations 1000 Woman Strong AACTE Accountable.US Adasina Social Capital Agricultural Justice Project Alianza Nacional de Campesinas, Inc. Alliance for Youth Action American Association of Colleges of Osteopathic Medicine American Association of University Professors American Association of University Women American Civil Liberties Union American Federation of Government Employees, AFL-CIO American Federation of State, County and Municipal Employees (AFSCME) American Federation of Teachers American Library Association American Psychological Association American-Arab Anti-Discrimination Committee (ADC) Americans for Financial Reform Education Fund Association of Young Americans (AYA) Better Organizing to Win Legalization Center for American Progress Center for Responsible Lending Clean Energy Action Clinical Social Work Association Committee of Interns and Residents/SEIU CommonDefense.us Community Food and Justice Coalition Consumer Action Consumer Federation of America Consumer Reports Consumers for Auto Reliability and Safety Debt Collective Demand Progress Dream Defenders Family Values @ Work Formerly Incarcerated College Graduates Network HEAL Food Alliance Hempstead Project Heart Hispanic Federation Hunger Free America Inclusive America Indivisible International Federation of Professional and Technical Engineers (IFPTE) LCLAA League of United Latin American Citizens (LULAC) Legal Aid at Work Marbleseed Minority Veterans of America MPower Change Action Fund Muslim Public Affairs Council (MPAC) NAACP National Association of Pediatric Nurse Practitioners National Association of Social Workers National Consumer Law Center (on behalf of its low-income clients) National Consumers League National Education Association National Employment Law Project National League for Nursing National Nurses United National Urban League National Young Farmers Coalition NTEU Independent Staff Union OCA – Asian Pacific American Advocates P Street/PCCC ParentsTogether Passengers United Pay Our Interns People's Parity Project Poligon Education Fund Poverty Project at the Inst. for Policy Studies Presente.org Public Citizen Public Counsel Public Good Law Center Rise, Inc. RootsAction.org Rural Coalition School Social Work Association of America Service Employees International Union (SEIU) Sisters of Charity of Seton Hill Student Borrower Protection Center Student Debt Crisis Center Students First Consulting Sugar Law Center for Economic & Social Justice The Common Market The Education Trust The Hope Center for College, Community, and Justice The Institute for College Access & Success (TICAS) The Revolving Door Project The Wallace Center The Young Invincibles UnidosUS United Church of Christ, Justice and Local Church Ministries United Food and Commercial Workers International Union University of California Student Association Voices for Progress We the 45M State & Local Organizations AFGE Local 252 AFGE Local 3354 AFGE Local 704 agriculture AKPIRG Alabama State Association of Cooperatives Arizona Students' Association Arkansas Community Organizations Associated Students at the University of California, Santa Barbara California Asset Building Coalition CAMEO - California Association for Micro Enterprise Opportunity CASH Campaign of Maryland Center for Economic Integrity CFPB Union NTEU 335 Chicago Foundation for Women Civil Service Bar Association CO Dem Party - Energy and Environmental Initiative College & Community Fellowship College Democrats of New York Community Health Councils (CHC) Community Legal Aid Society, Inc. (Delaware) Community Service Society of NY Compañeras Campesinas Consumer Federation of California Delaware Community Reinvestment Action Council, Inc. Economic Mobility Pathways (EMPath) Empower Our Future Farm to Table - New Mexico Farmers On the Move. Fertile Ground Hawaii State Teachers Association Hildreth Institute Housing and Economic Rights Advocates Illinois Stewardship Alliance Inversant Iowa CCI La Raza Centro Legal Louisiana Budget Project MAHA Maine Center for Economic Policy Maine Organic Farmers and Gardeners Association Maryland Center for Collegiate Financial Wellness Maryland Consumer Rights Coalition Michigan Food and Farming Systems Missouri Jobs with Justice Mobilization for Justice Montgomery County MD Branch NAACP Mountain State Justice, Inc. NAACP Baltimore NAACP Calvert County Branch Youth Council NAACP UNIT 7716 National Association of Social Workers - Alabama Chapter National Association of Social Workers - California Chapter National Association of Social Workers - Colorado Chapter National Association of Social Workers - Connecticut Chapter National Association of Social Workers - Florida & Virgin Islands Chapter National Association of Social Workers - Georgia Chapter National Association of Social Workers - Guam Chapter National Association of Social Workers - Idaho Chapter National Association of Social Workers - Indiana Chapter National Association of Social Workers - Iowa Chapter National Association of Social Workers - Kentucky Chapter National Association of Social Workers - Maine Chapter National Association of Social Workers - Massachusetts Chapter National Association of Social Workers - Michigan Chapter National Association of Social Workers - Minnesota Chapter National Association of Social Workers - Mississippi Chapter National Association of Social Workers - Nebraska Chapter National Association of Social Workers - Nevada Chapter National Association of Social Workers - New Hampshire Chapter National Association of Social Workers - New Jersey Chapter National Association of Social Workers - New York City Chapter National Association of Social Workers - New York State Chapter National Association of Social Workers - North Carolina Chapter National Association of Social Workers - Ohio Chapter National Association of Social Workers - Oregon Chapter National Association of Social Workers - Tennessee Chapter National Association of Social Workers - Texas Chapter National Association of Social Workers - Vermont Chapter National Association of Social Workers - Washington Chapter National Association of Social Workers - West Virginia Chapter NC Climate Justice Collective New Era Colorado New Jersey Citizen Action New Jersey Institute for Social Justice NextGen California NOFA/Mass Northeast Organic Farming Association of New Hampshire (NOFA-NH) Northeast Organic Farming Association of Vermont (NOFA-VT) Northeast Sustainable Agriculture Working Group Northwest Center for Alternatives to Pesticides Northwest Consumer Law Center OCA Greater Chicago OCA Greater Cleveland - Asian Pacific American Advocates Ohio Student Association Oregon Student Association Pennsylvania Council of Churches Public Higher Education Network of Massachusetts (PHENOM) Public Justice Center Public Law Center Quiet Creek Herb Farm & School of Country Living RAISE Texas Rural Advancement Fund of the National Sharecroppers Fund, Inc. Rutgers University Student Assembly SEIU 509 SEIU Local 500 South Dakota Chapter of NASW Student Association of Syracuse University & SUNY-ESF Student Loan Fund Inc. Students United Suncoast NORML Texas Coalition of Rural Landowners Texas Mexico Border Coalition Community Based Organization The Farmworker Association of Florida The Foundation for Delaware County - Housing Opportunities Program for Equity (HOPE) The Land Connection THE ONE LESS FOUNDATION United Food and Commercial Workers Local 400 United Students Labor Action Coalition (USLAC at UCR) University Council - American Federation of Teachers University of Rochester Students’ Association Urban Tilth UT Student Government Assembly Board Virginia Poverty Law Center West Virginia Food and Farm Coalition World Farmers Inc Xavier University of Louisiana Student Government Association Zero Debt Massachusetts

FOR IMMEDIATE RELEASE Cody Hounanian cody@studentdebtcrisis.org | (646) 820-8037 Lindsay Clark press@bysavi.com | 917-445-4979 WASHINGTON, D.C. — A new survey of 31,988 student loan borrowers finds that 83% of borrowers say the federal student loan payment pause is pandemic relief they currently depend on. The vast majority of student loan borrowers, nearly two-thirds, say they have not financially recovered from the COVID-19 pandemic. The survey shows that the payment pause is a critical lifeline for borrowers who are struggling and student debt cancellation would provide long-term relief from the persistent harm caused by the pandemic. Three-in-ten borrowers say they will reduce spending on necessities like food, rent, and healthcare in preparation for payments to restart in January. Experts at the Federal Reserve and the Consumer Financial Protection Bureau already warn that a wave of student loan defaults and delinquencies will come when payments restart. The survey is clear evidence that extending the federal student loan payment pause and canceling student debt would provide meaningful relief now and long into the future. The survey also found that: Nearly half of borrowers say they will be unable to afford their student loan payments six months from now. 61% say they would use savings from debt cancellation to buy food, 58% for rent and mortgage, 56% for utilities, 49% for paying down other debts, and 42% for medicine or healthcare. Two-thirds of borrowers do not feel the COVID-19 pandemic is over. 77% support extending the federal student loan payment pause beyond December 31. 87% say they are concerned or very concerned that inflation will make it harder to afford student loan payments when they resume. 71% of respondents say their student loan servicer failed to communicate recent updates to the Public Service Loan Forgiveness program, 57% of borrowers were not told about President Biden's debt cancellation action, and 45% have not received information regarding the federal loan payment pause. "Our survey proves that the COVID-19 pandemic is far from over for student loan borrowers. Now, with critical pandemic relief set to expire and the President’s debt cancellation plan stuck in the courts, borrowers are facing another crisis,” said Natalia Abrams, President and Founder of the Student Debt Crisis Center. “Long-term relief, like extending the federal student loan payment pause and debt cancellation, is the only way borrowers will be able to fully recover from lost jobs, health challenges, and shifts in the economy caused by the pandemic." “Student loan payments impact whether families can afford basic necessities from food to rent,” said Tobin Van Ostern, co-founder of Savi. “We see this concern in the thousands of questions we receive from borrowers on a daily basis who are concerned about their ability to begin repaying student loans and how that process will work.” dThe new research comes from a joint campaign between Student Debt Crisis Center (SDCC), the nation’s largest student debt advocacy organization, and Savi, a social impact technology company that helps borrowers get student loan forgiveness. The survey is the sixth installment of the Student Debt x COVID-19 campaign looking at the toll the pandemic continues to take on the 40 million student loan borrowers in America.

FOR IMMEDIATE RELEASE: November 11, 2022 Contact: Cody Hounanian | cody@studentdebtcrisis.org Federal Judge Blocks Biden’s Student Debt Cancellation Plan, Injustice that Harms 40 Million Americans SDCC Calls on President Biden to Extend the Student Loan Payment Pause Until Legal Hurdles are Cleared and Debt is Canceled We strongly oppose a federal judge’s decision to block President Biden’s plan to cancel student debt for 40 million Americans. The judge’s decision is an injustice that could harm families across the country as they struggle to recover from the economic impacts of the pandemic and skyrocketing inflation. We remain steadfast in our belief that the President has the legal authority to cancel debt and we are eager to see the legal process continue through appeals. In the meantime, our focus is on students, borrowers, and parents that are crushed by debt. Not only is debt cancellation at risk, but federal student loan payments are also set to begin again on January 1. If payments restart, it will be a financial disaster that leads to a wave of student loan delinquencies, loan defaults, and distress. We call on President Biden to protect borrowers during this uncertain time, by extending the student loan payment pause until all legal hurdles are cleared and debts are canceled. “The purpose of the President’s debt cancellation plan is to help middle and working-class Americans heal from the harm caused by the pandemic. We share this mission and will work diligently to ensure each borrower has the resources they need to get back on their feet. That starts right now, with an immediate extension of the federal student loan payment pause,” said Natalia Abrams, President of the Student Debt Crisis Center. “For three years, borrowers have been a political punching bag facing uncertainty about the future of their student loans. The judge’s decision makes the future even more worrisome. President Biden must pause payments further into the future to provide financial stability and peace of mind to 40 million Americans.” “We are deeply disappointed by this judge’s decision to side with political interests groups instead of hard-working Americans and their families. The fight to end student debt is not over and we will double our efforts to help those who need it most. That is why we are calling on the President to use his power to provide additional relief,” said Cody Hounanian, Executive Director of the Student Debt Crisis Center Over 22,300 people have signed a petition calling on President Biden to extend the payment pause in the past 48 hours. The petition also calls on the President to include all federal student loan borrowers in this relief including Family Federal Education Loans (FFELP) that have been excluded from pandemic-related relief. ### Student Debt Crisis Center (SDCC) is a non-profit organization ​​centering the needs and voices of borrowers and partnering with allies, to impact public policy and end the student debt crisis. The center works directly with borrowers to help them navigate the bewildering and frustrating loan repayment system and advocates for lasting and meaningful change. It leads a people-powered movement representing over 2 million supporters. Learn more at www.studentdebtcrisis.org and follow SDCC on Twitter at @DebtCrisisOrg.