This working mom owes $240,000 in student loans. Now she’s fighting for a full cancellation in order to “freely” live her American dream. and more Latest news here
California educator says she owes over $200,000 in student loans.
Richelle Brooks, a South LA principal, has joined the fight to cancel student loan debt for all.
She told Insider that a big part of her fight for aid is to give her children a future free of crippling debt.
One of Richelle Brooks’ dreams is to send her two children to college without taking out a loan. She knows firsthand how taking out a loan to pursue higher education can equate to crippling debt.
“My daughter wants to be an anesthesiologist. My son wants to be a computer engineer. Two little black kids want this for their future,” Brooks, 35, told Insider. “And this country tells me that it is impossible for me to bring them there. It is a terrible and hopeless feeling.
Brooks borrowed $203,000 collectively to pursue undergraduate, graduate and doctoral studies. And over the years has accrued over $30,000 in interest.
“Yeah, $240,000“Brooks said.
In 2020, she decides to politicize her inability to repay her loans. Besides the Debt Collective, she joined a group of strikers called the “Biden Jubilee 100,” calling on the president to cancel student debt in the early days of his term.
Brooks’ American Dream is simple.
“I hope that if my student debt balance is forgiven, I can start saving for them and planning for their future,” she said. “But I also hope we can get a free college education so I don’t have to worry about how to fund their future either.”
Black student borrowers typically have more debt than white college graduates, experts say.
Living in California as a single mother is financially taxing, she said. She works as a manager in South Los Angeles, a career she loves, but she often has to have a hustle to live comfortably.
With the burden of student debt, saving money for the future is not a luxury for many black borrowers.
Recent data shows that black borrowers have disproportionately more student loan debt, paying off an average of $25,000 than their white peers, according to Education Data Initiative.
“Black borrowers have to take on more student debt to go to school, and black women take on more student debt than any other group,” Cody Hounanian, executive director of the Student Debt Cris Center, told Insider. . “For the majority of black borrowers, they owe more after 12 years of repayment than they originally borrowed.”
And for black borrowers who want to go beyond a bachelor’s degree, they often have, on average, just over $50,000 in debt, 45% of which is from graduate school, according to Education Data Initiative. Another factor to consider is that black graduates are subject to lower compensation once employed, making it difficult to pay off their crippling debt.
Biden said last week his administration plans to forgive $10,000 in federal student loan debt for borrowers earning less than $125,000 a year, with up to $20,000 in relief for those who received Pell grants and who fall under the same income threshold. However, for borrowers like Brooks, that’s not enough.
Brooks decided to keep going to school because she couldn’t repay her loan, a personal strike method she’s been practicing since 2012. However, the student repayment hiatus during the COVID-19 pandemic has was a temporary weight on his shoulders and gave him a break from going to school.
“There are already so many demands on me on top of having to stay in school because I can’t pay this debt. It looks like slavery,” Brooks said. “Receiving these notices is a bit traumatic. [The pause] gives you a sense of relief, a sense of hope, because you’re not constantly weighed down by this monthly payment idea.
“I really just want the space to hope and dream freely”
Democratic lawmakers such as Rep. Alexandria Ocasio-Cortez, Rep. Cori Bushand Rep. Ayanna Pressley, have pushed for student loan forgiveness — and ever since Biden announced his student loan relief plan, progressive lawmakers have been demanding more relief.
Eliminating student loan debt could potentially close the racial wealth gap. Department of Housing and Urban Development Secretary Marcia Fudge pointed out that the student loan crisis is making it harder for black people to own real estate.
And according to Hounanian, this puts another hurdle in achieving generational wealth.
Student loan debt hampers black people, even with the highest degrees, “who simply can’t ever access the benefits an education was intended for,” Hounanian said.
“The National Association of Realtors has said student loan debt is one of the biggest issues preventing black people from buying homes…and it also perpetuates the issue of generational wealth,” he continued. “So it really has a domino effect that impacts their finances for years after they go to school.”
Brooks called it a “deferred dream”.
“As soon as we reach a goal, the goal post is moved,” she said. “It always feels like we’re drowning, and as soon as we get airborne, we’re pushed back again.”
She added: “When I went to college, I was sold, it’s a way to succeed. It’s a way to rise in this country. You become a college-educated person , then you can buy a house and you can travel. You are entitled to freedoms and luxuries because of your hard work, right? And that just wasn’t true.
In addition to waiving up to $20,000 for people earning less than $125,000, the president also extended the payment break until December.
The National Association for the Advancement of Colored People (NACCP) acknowledged the progress, but Derrick Johnson – president of the organization – called for the cancellation of $50,000 or more.
” I’ve had it up to here. It’s a mental constraint. We are straddling this balance that hovers above our heads, and it is heartbreaking. It’s an emotional fast,” Brooks said.
“And I’m exhausted today, mostly because I’ve been fighting for a while. And I feel like I’ve been given crumbs. I really just want the space to hope and dream freely.
Read the original Insider article
I tried to give all kinds of news to y’all latest news today 2022 through this site and you will like all this news very much because all the news that we always give in this news is always there. It’s on a trending topic and regardless of the latest news
it was always our effort to reach you that you continue to get the Electricity News, Degree News, Donation News, Bitcoin News, Trade News, Real Estate News, Gaming News, Trending News, Digital Marketing, Telecom News, Beauty News, Banking News, Travel News, Health New, Cryptocurrency News, Claims News the latest news and you always keep getting the news information for free through us and also tell people. Give that any information related to other types of news will be
All this news I made and shared for you, you will like it very much and we keep bringing you topics like every time so you keep getting hot news like trending topics and you It’s our goal to be able to have
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can go further by getting the information of this news with you. Later we will continue
to provide information on more world news update today types of latest news through posts on our website so that you always keep moving forward in this news and whatever type of information will be there, it will definitely be passed on to you.
All this news that I have brought you or will be the most different and best news that you will not get anywhere, as well as the information Trending News, Latest News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this made available to you all so that you are always connected with the news, stay ahead of the game and continue to today’s news all types of news for free till today so you can get the news by getting it. Always take two steps forward
Credit goes to news website – This news website from the original content owner. This is not my content so if you want to read the original content you can follow the links below