Pathways to Financial Freedom: NAACP’s SAVE Plan Partnership

Asante-Ra

The NAACP is stepping up alongside the U.S. Department of Education to provide a helping hand to Black borrowers dealing with the weight of student loan debt, thanks to President Biden’s SAVE Plan. 

Earlier this summer, the Education Department updated its income-driven repayment plan application on the Federal Student Aid website, introducing the Saving on a Valuable Education, or SAVE, plan. This plan offers lower monthly payments, faster forgiveness for eligible individuals, and puts an end to growing balances due to unpaid interest. These changes came after months of advocacy from the administration, following the Supreme Court’s ruling against widespread loan cancellation, which left nearly $2 trillion in U.S. student loan debt unresolved. 

In a move to combat the debilitating burden of student loans, the NAACP has forged a strategic partnership with Civic Nation, the National Urban League, Rise, the Student Debt Crisis Center, UnidosUS, and Young Invincibles. Together, they are on a mission to spread the word about the student loan repayment program. 

Derrick Johnson, President and CEO of the NAACP, emphasizes their commitment to making higher education accessible without a lifetime of financial struggle: “The NAACP remains committed to finding equitable options for Americans crippling under the unbearable weight of student loan debt.”

This partnership is just the beginning. The NAACP is determined to find innovative ways to support borrowers, even in the face of challenges to student debt solutions. Their goal is to ensure that communities receive the relief they deserve through the SAVE plan. The NAACP will continue seeking partnerships like this one to proactively address the student debt crisis and ease the disproportionate burden shouldered by countless Black borrowers. 

Wisdom Cole, National Director of the NAACP’s Youth and College Division, emphasizes the urgency of the situation: “Education should be the key to financial freedom, not the barrier. Now more than ever, it is crucial that we continue the work necessary to ensure equitable access to education.” Cole also expressed excitement about working with the Administration and the collaborative effort to pave the way for comprehensive student debt forgiveness. The SAVE plan is a positive step forward as they strive to identify and eliminate all barriers to student debt relief. 

In a time when education should be a source of empowerment, these efforts aim to make it exactly that, especially for Black Americans who have faced unique challenges in the realm of student loan debt.