Astra Taylor obtained her first student loan when she was 17. Astra Taylor attended Brown University, The New School and owes tens to thousands of dollars in student loans.

Taylor (42), said that they had added 19% overnight to my principal. Like millions, I fell into a debt trap.

Lucky for her, Jeff Mangum (a musician and founder of Neutral Milk Hotel), offered to repay her loans. Her life was transformed in almost all aspects.

It saved me thousands of dollars,” she stated. She was free to concentrate on what she loves, making documentaries. writing books.

She also helped found the company in 2014. Debt CollectiveThe first debtor-friendly union.

Taylor explained that Taylor is motivated by the “experience of being able to lift the burden of my student loans.” “I wish to provide the same opportunities and relief to other people.”

Recently, President Joe Biden stated that he would make an announcement about student loan forgiveness in the next few weeks. CNBC interviewed Taylor on what it feels like to finally have something you worked so hard for.

Annie Nova: Which of your experiences inspired you to choose Annie Nova as your mission in life? fighting for people in debt?

Astra Taylor:Working people and the poor are forced to borrow money to live when their wages don’t cover all of the necessities. This is a double robbery. First, our bosses underpay us and second, lenders charge interest and fees to borrow the money. Contrary to stereotypes, a lot of credit card debt is for basic necessities — things like rent, food and medical care. While most people in this country don’t live beyond their means, many are denied their ability to live. The result is a growing household debt.

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AN. Why would people who are indebted, according to your view, require a union?

AT:Financial sector management is extremely well-organized. The financial sector is extremely well organized. They lobby around the clock to get usury protections repealed, deregulated the banking industry, and they are all making a profit. We’re all paying for it. We need to work together for fair terms and debt relief, as well as policy changes that ensure that we do not have to borrow to survive.

AN. Student loans have been increasing for decades. Do you think these are some of the first signs of crisis?

AT: There was a time when public higher education had adequate funding. The 1960s saw the change when Ronald Reagan, California’s governor, made it possible to adequately fund public higher education. The University of California Master Plan was dismantled by Reagan, who demanded the charging of students. His strategy was to silence student protests about civil rights, free speech and the right to peacefully express themselves. It was hoped that people would reconsider paying for a picket banner if they had to take out debt in order to attend school. These actions are part of a wider right-wing effort to destroy government services and make as many public institutions available to the private sector looking for ways to maximize their profits.

AN: There is a problem with “student loan forgiveness.” Could you please explain?

AT:Many millions of people owe debt, even though they have paid back the amount borrowed. This is the definition of a debt trap. The idea that these individuals are seeking “forgiveness” is absurd. This word implies that debtors are guilty of a crime. We are talking about a system-level problem — not an individual moral failing.

AN: How important do you believe student debt cancellation can play in the next midterm elections

AT:One in five Trump voters stated that they would vote for a Democrat if all student loans were canceled by Democrats. Another poll revealed that 40% Black voters are willing to stay home for next year’s election if student debt is not addressed. This could be a key issue for Democrats in the battleground states.

AN. It is not clear how much student loans will be canceled. Biden stated that he is not planning to wipe out $50,000 per borrower. This suggests that he could choose a smaller amount. Biden believes all student debt exceeding $1.7 trillion should be cancelled. Why?

AT:Millions of people are trapped in debt traps. $10,000 is not enough to make a difference in their debt. $20,000 or $10,000 barely makes a difference. 83% of Black borrowers still owe $10,000 more than they borrowed. It is inexcusable.

AN. One of the main arguments for student loan cancellation is its ability to direct resources towards people who have more money than them, because they went to college. Your thoughts?

AT:Because they can pay the expenses, true wealth does not require student debt. The well-off also get a lot of financial help they do not acknowledge. The historically low interest rates have allowed mortgage holders to enjoy tax deductions for their mortgage interest. People who have credit card debt are less likely to be in financial trouble are not eligible for a 3% rate that they can write off. This double standard is pervasive in the financial system and it discriminates against both working and poor individuals.

AN: A student debt repayment could soon be possible. What does this feel like?

AT:It’s wonderful to watch something you worked so hard on become mainstream. And to have people such as Sen. Chuck Schumer from D-N.Y. echo our ideas. When student debt reached $1 trillion, we protested for the first times in 2012. It’s now at $2 trillion, and even more students are being affected. Although this problem is worsening, we are now hearing politicians say that eliminating debt is the best solution.