In a landmark decision, the Supreme Court has ruled to overturn President Biden's Executive Order on student loan debt.
Markita Morris-Louis, CEO of Compass Working Capital, has released the following statement:
“By invalidating President Biden’s executive order, after their decision striking down affirmative action yesterday, the Supreme Court is perpetuating a deeply unjust system that disproportionately affects families with low incomes and exacerbates the racial and gender wealth gaps. It disregards the aspirations of hardworking students who sought higher education as a path to a better future, only to be burdened with insurmountable debt that impedes their progress.
“President Biden's executive order on student loan forgiveness was a significant step towards rectifying this deeply inequitable situation. It reflected a commitment to the well-being and prosperity of the American people, acknowledging the crippling effect of student loan debt on individuals, families, and the broader economy. The Supreme Court's ruling also disregards the overwhelming public support for student loan forgiveness. Countless polls and surveys have consistently shown that a majority of Americans from all walks of life support meaningful student debt relief measures. The consequences of this decision are far-reaching. By denying relief to millions of borrowers struggling to make ends meet, this decision will stifle economic growth for generations.
“Compass Working Capital calls on Congress and the Biden Administration to work together to rectify this setback by exploring alternative avenues for economic empowerment. Compass Working Capital will continue to advocate for policies that dismantle barriers to wealth building for families with low incomes, especially families led by Black and Hispanic/Latino women. By working together, we can build a society where attaining a college degree is part of a pathway to financial security rather than a financial burden.”
Damali, a Compass Working Capital client from our FSS program with Boston Housing Authority, said:
“For far too many of us – and for far too long - student loan debt has loomed over our hopes, dreams, and plans. I took out $12,000 in loans to help pay for my degree. I’ve been making payments toward my loans for years. But with interest rates so high, it’s hard to make a dent in them. I now owe more than $35,000. Today's Supreme Court ruling will make it exponentially more difficult for myself and millions of American to get by, let alone get ahead. Going forward, we must continue to advocate for economic programs that can pave the way for a more equitable and promising society. "