Essex County Commissioners Push Feds To Cancel Student Loan Debt – Patch

ESSEX COUNTY, NJ — Newark. Chicago. Boston. Philadelphia. And now, Essex County. These are some of the local governments that have joined the push to cancel student debt in the U.S.

Earlier this week, the Essex County Board of County Commissioners adopted a symbolic resolution that calls on the federal government to “cancel all student loan debt.” The resolution – introduced by Commissioner President Wayne Richardson – also urges the U.S. government to start providing higher education as a public good.

According to the county commissioners, it’s a local issue as well as a national one.

“Student loan debt is a major factor in pushing families deeper into poverty, and further exacerbating the poverty rate in Essex County and throughout the country,” the commissioners asserted in a joint statement.

Nicole Lancaster, an early childhood education teacher in Newark and member of NJ Communities United, is one of many residents who have had a tough time paying back her student loans.

“I’ve struggled for years to pay for basic needs for my family while managing student debt, and now my student debt is limiting the educational opportunities for my children,” Lancaster said. “Without action now, our children will forgo college entirely, or be forced into unmanageable mountains of debt.”

The board of commissioners released the following statement about what inspired the resolution:

“According to the Federal Reserve, in quarter two of 2021, Americans owed a startling $1.73 trillion in student loans. Debt is associated with negative mental and physical health outcomes, increased stress, depression, and early mortality. Under the Higher Education Act of 1965, the President of the United States and the Secretary of Education have the authority to cancel all Federal student loan debt. Cancelling the debt, and eliminating future debt as a result of loans issued to pursue higher education, represents an enormous economic opportunity for Essex County to increase spending in our local community, support individuals’ upward mobility, and provide a deeply needed stimulus during the pandemic.”

The board members continued:

“New Jersey, specifically, is one of the top five student debtor states in the nation with the average graduate acquiring $34,387 in loans. New Jersey also has the third highest cost of attendance for in-state, full-time students at $26,070 per year. Additionally, student loans have disproportionately affected communities of color. The cost of public universities in New Jersey is over half the typical income for Black and Latina/Latino families statewide. Even after factoring in financial aid, the average price of attendance at New Jersey’s public four-year schools represents about a third of the household income for Black and Latina/Latino families, compared to just 17 percent for the state’s white families. Lastly, 21 percent of student loan holders in Black communities, communities of color and immigrant communities in Essex County are in default, compared to just four percent of the student loan holders in white communities in the county. These numbers illustrate how the current higher education system in New Jersey creates extreme financial burdens on students with the greatest financial need, and reinforces the racial wealth gap in the state.”

Richardson praised the board’s support of the resolution, saying that he believes “the time is now” to call on the federal government to help communities that have been traditionally victimized by overbearing debt – including the burden of paying for college.

“Student debt is a national crisis that impacts poor and working-class youth all over this country, but disproportionately impacts Black and Brown youth, who have more loans and are less likely to secure high paying jobs,” Richardson said.

“It is incumbent upon the federal government, one way or another, to ease this burden and give this generation of young adults a chance to experience financial security,” he added.

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