President Biden’s moratorium on student loan payments is set to expire on August 31st—meaning that millions of Americans will once again be placed under the crushing financial burden of student debt, even as inflation eats into more and more of their paychecks.

Forcing people to resume student loan payments will be a massive unforced error by this administration. For the first two years of this pandemic, the moratorium on student loan payments gave so many people the ability to pay for critical needs like food, transportation, housing, and other necessities.

As inflation rises, adding to the burdens placed on working-class folks will cause widespread hardship and suffering. But it doesn’t have to be that way.

More than 90% of all student loans are held by the federal government. Legislation was passed half a century ago giving the President the power to cancel those loans with a stroke of a pen—and immediately free borrowers from the debt trap.

Our broad coalition of progressive organizations is demanding that the Biden administration put everyday people first and cancel federal student loan debt immediately! Sign your name to our petition, and we’ll deliver it alongside thousands of grassroots supporters:

President Biden,

I write today to urge you to extend the student loan debt moratorium that’s set to expire on August 31st. Millions of Americans struggle with crippling debt simply because they wanted a better education. But the student loan trap penalizes Americans who work hard and play by the rules, adding outrageous individual burdens to what should be a public good: an educated nation.

For two years, the student loan moratorium has helped bolster our economy – allowing working-class Americans to spend money on basic necessities, consumer goods, saving for emergencies, and so much more. As inflation rises across the country, this would be the worst time to force so many people to spend on loan payments instead of critical needs.

You have the power to help them. That’s why I’m asking you to take action to cancel all federal student loan debt, and then dedicate your administration to tackling the college affordability crisis that created this debt in the first place. With over $1.75 trillion in outstanding debt, it’s clear that people need relief. It’s the right thing to do.