Student debt is a crushing burden for millions of Americans, totaling more than $1.6 trillion in the U.S. in 2020. The average student loan burden is $32,731, more than double what it was 20 years ago.
It also unjustly affects BIPOC communities. Twenty years after college graduation, the median white college graduate has paid off 94% of their student loan debt, while the median Black college graduate still owes 95% of theirs. It is a systemic failure that perpetuates socioeconomic inequality.
While the CARES Act provided a period of relief when it suspended federal student debt payment requirements (federal loans account for more than 90% of all student debt) for six months, that period is set to end on September 30, 2020.
That’s why we are proud to announce a new partnership with Summer, an online platform that helps borrowers simplify, reduce, and eliminate your student loans. As a benefit of Freelancers Union membership, you can create a free Summer account to:
Assess and enroll in loan savings options such as forgiveness and refinancingSort through and track your loan situation with easy-to-use online toolsLower your monthly payments even after the federal payment suspension is overAccess a dedicated team of student loan experts to support