Debt Collective Seniors Lead First Elder Action for Student Debt Relief

Historic action led by seniors demands the Biden-Harris administration use a little-known provision to cancel student loans based on a debtor’s age

/EIN News/ -- WASHINGTON, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Today, dozens of older student debtors over the age of 50 — including the Debt Collective’s ‘50 Over 50’ caucus — took action at the White House to demand the Biden-Harris administration discharge the balances of older debtors—executive power authorized by various tools at the disposal of the Department of Education.

You can watch older student loan borrowers take action here. You can see photos here.

Debt Collective members from across the country held a vigil in front of the White House declaring that “death should not be the only relief plan for their old, unpayable student loans.” This action was the first mass action for student debt relief ever led by seniors. Today, older student debtors will also meet with the White House, various members of Congress and the Department of Education.

“I sold the home we lived in for 40 years and live with one of my children to reduce my expenses,” said Athena Blue, a 67 year old retired nurse from Georgia and Debt Collective member. “This burden of a loan threatens my retirement. How can you, Congress, the Dept. of Education and White House, allow this to continue? How can you allow seniors to be subject to predators like this? Have you no moral compass; no shame?”

“Instead of including a suicide hotline for veterans on every piece of communication we receive, the causes of these tragedies should be met with real solutions including absolving some of the debt we accrued during our service because of compounded interest during forbearance or billing errors for VA health care,” said Alicia Barnes, a navy veteran and Debt Collective member.

“Going to school as a single mom, waitressing, battling cancer, and supporting a family — that wasn’t the hard part,” said Mary Donahue, a Maryland voter and Debt Collective member. “That was the proud part. The hard part is the debt. The hard part is figuring out how to survive the rest of my life with this debt.”

“I pursued a higher education to have a better life, and pursue the American dream,” said Renita Walker, a Georgia resident and Debt Collective member. “With the actual interest on my student debt, my balance has ballooned at an average of $13,000 dollars of interest each year. This is a no win situation, despite making my monthly payments. I am calling on the powers that be to give us our life back and cancel student debt for older Americans. Don’t let death be our only option. Let us retire undebted.”

Student loan borrowers will receive debt cancellation one way or another — the Department of Education can either wait to discharge people’s debts when they die or they can use this power to retire borrowers’ debts now and let them retire with dignity

The Debt Collective is a national union for debtors, and a leading activist organization pressuring Biden to abolish all student loan debt. The Debt Collective wrote the executive order with the Higher Education Act of 1965 that President Biden could sign to immediately eliminate federal student loan debt.

CONTACT:	Braxton Brewington Debt Collective	braxton@debtcollective.org press@debtcollective.org	(919) 915-1801

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e5a89b45-d96c-496f-8f26-a7be86ab9ed1