Professional Documents
Culture Documents
research-article2021
ORG0010.1177/1350508421995762OrganizationMir and Toor
Acting Up
Organization
Ali Mir
William Paterson University, USA
Saadia Toor
City University of New York, USA
Abstract
This paper focuses on the current phase of Black resistance exemplified by the Black Lives Matter
(BLM) movement, which urges us to recognize and reckon with the differential racial impact of
student debt in the U.S. and calls for the cancelation of student debt as an explicit part of its
demand for reparations. Using the concept of racial capitalism, the paper examines the structure
of student debt and its consequences for Black borrowers, analyzes the structural reasons behind
the disproportionate debt burden borne by Black students, and highlights movements such as the
Debt Collective and BLM, which not only offer a critique of the debt regime but also suggest ways
of organizing against it.
Keywords
BLM, racial capitalism, student debt, student loans
Debt has become one of the central organizing principle of our times and functions as a mode of
discipline and governance. A variety of scholars have persuasively argued that the growth of indebt-
edness is but the inevitable outcome of an advancing neoliberal order (Debt Collective, 2020; Feher,
2018; Graeber, 2014; Lazzarato, 2013; Soederberg, 2015; Strike Debt, 2014). The process of the
“financialization” of the economy has resulted in indebted nations, indebted corporations, and
indebted citizens, all beholden to “financial markets, dominated by large universal banks and institu-
tional investors” (Feher, 2018: 17). As wages stagnate or fall, marginalized citizens are pushed further
into indebtedness through the hands of a rapacious poverty industry. One of the most pernicious
Corresponding author:
Ali Mir, Department of Management, William Paterson University, 1600 Valley Road, Wayne, NJ 07470, USA.
Email: mira@wpunj.edu
Mir and Toor 755
forms of debt today is student debt, which at more than $1.7 trillion has surpassed all other forms of
consumer debt even as it has been systematically stripped of consumer protections such as bank-
ruptcy (Cancel Student Debt, 2020; Center for Responsible Lending, 2019; Frederickson, 2016;
Frotman, 2018). Millions of young Americans graduate each year only to find themselves saddled
with enormous and unpayable debt as part of an “ideal initiation to the rites of capital” (Lazzarato,
2013: 66). However, the burden of this debt is unevenly distributed and is disproportionately borne
by African-American students (Federal Reserve of New York, 2019; Goldrick-Rab et al., 2014;
Huelsman, 2015), echoing an earlier period of Black indenture.
In this paper, we focus on a new phase of Black radical resistance exemplified by the Black
Lives Matter (BLM) movement, which urges us to recognize and reckon with the differential racial
impact of student debt in the U.S. and calls for the cancelation of student debt as an explicit part of
its demand for reparations. We begin by exploring the concept of “racial capitalism,” which high-
lights the fact that the wealth of the West was built on the backs of the unpaid labor of enslaved
Africans in the U.S. and their descendants and argues that “the construction of Black people as
racial inferiors was not incidental but integral to the historical development of capitalism” (Marez,
2014: 261). We show how the ongoing project of racial capitalism has subverted the emancipatory
potential of education for Black Americans to such an extent that the formal system of higher edu-
cation now serves as a mechanism for pushing far too many Black students into forms of debt
servitude. Using newly released data including a tranche from the Federal Reserve of New York
(2019) that finally allows researchers to make evidence-backed claims of racial discrimination in
the student loan process, we examine the nature of student debt and its differential impact on Black
borrowers. We offer a brief analysis of the structural reasons behind the disproportionate debt bur-
den borne by Black students, focusing specifically on the consequences of the racial wealth gap on
student debt. Finally, we highlight the activism of movements including the Debt Collective and
BLM, which seek not only to expose the perniciousness of the current regime of indebtedness but
suggest ways of organizing to address what is evidently a civil-rights issue of our times.
Cox (1959, 1964), Robinson rejects the Marxist notion that capitalism was “a revolutionary nega-
tion of feudalism” arguing instead that capitalism and racism “did not break from the old order but
rather evolved from it to produce a modern world system of racial capitalism dependent on slavery,
violence, imperialism, and genocide” (Kelley, 2000: xii–xiii).
The term “racial capitalism” seeks to draw attention to the persuasive claim that racism has not
been incidental to capitalism but has been constitutive of it starting with the period of chattel slavery
and continuing till today, notwithstanding the historic struggles and gains of the Black community
(Kelley, 2000). Robinson’s insight—that race is built into the very structure of the capitalist system,
and that the domestic nation-state project in the U.S. has long been animated by this racial capital-
ism—continues to energize the discussion among African American race scholars and activists (see,
for instance, the Winter 2017 special issue of Boston Review on the theme of “Race Capitalism
Justice,” especially Robin D.G. Kelley’s introductory essay titled “What Did Cedric Robinson Mean
by Racial Capitalism?”). Radical Black public intellectuals of the early 20th century like Du Bois
(1903) and Wells (1892) recognized that within the project of racial capitalism, African Americans
remained positioned as raced and colonized subjects long after Emancipation. In his 1903 book The
Souls of Black Folk, Du Bois famously declared that “The problem of the Twentieth Century is the
problem of the color-line” (a phrase that bookends his essay titled “Of the Dawn of Freedom”),
where the color-line refers both to systems of deeply embedded racism in general and to racial seg-
regation in particular. This color-line denies African-Americans equal access to economic opportu-
nities and helps maintain not only a racial wage gap, but also—and more crucially—a racial wealth
gap: today, Blacks with college degrees earn less than whites with high school diplomas, and the
median wealth of a Black family is a tiny fraction of a white one (Economic Policy Institute, 2019).
Additionally, Black Americans are half as likely as whites to have a college degree, have an unem-
ployment rate twice that of whites, are two and a half times more likely to be in poverty than whites,
make up a disproportionate number of the country’s ballooning prison population, and have a lower
life expectancy than whites (Economic Policy Institute, 2019).
It is in this context that Black student activists demand that their indebtedness today be under-
stood as a new form of indenture, one that troublingly resonates with the racialized form of debt
servitude experienced by African Americans in the wake of Emancipation. The BLM movement,
with young Black women in its core leadership, sees itself as the most recent iteration of the long
tradition of Black radicalism in the US, and draws consciously from the histories of the Student
Non-Violent Coordinating Committee, the Students for a Democratic Society, the black lesbian
feminist politics of the Combahee River Collective, and the speeches of Sojourner Truth. The list
of demands issued by the BLM range from economic justice to community control of laws, institu-
tions, and policies which impact African Americans. One of BLM’s most important demands is for
reparations, and tellingly, the access to free higher education is seen as a crucial form of repara-
tions, as is the cancelation of student loans:
We demand reparations for past and continuing harms. . . This includes: Reparations for the systemic
denial of access to high quality educational opportunities in the form of full and free access for all Black
people (including undocumented and currently and formerly incarcerated people) to lifetime education
including: free access and open admissions to public community colleges and universities, technical
education (technology, trade and agricultural), educational support programs, retroactive forgiveness of
student loans, and support for lifetime learning programs (The Movement for Black Lives, 2019).
BLM’s emphasis on education comes from a specific history. Enslaved Blacks in the U.S. had
been denied any access to education and were therefore largely illiterate at the time of Emancipation.
Reformers from within the Black community understood the importance of education for their
Mir and Toor 757
people, especially the ones that had been newly freed. As Balfour (2003: 36) argues, for someone
like Du Bois, democratic citizenship entailed “at least a basic education and the economic where-
withal to live a relatively comfortable life free from unearned debt.” However, racist public poli-
cies as well as de facto forms of racism have not only left the emancipatory potential of education
unmet but have actually turned the project of higher education into a debt trap for African
Americans. It is precisely because of the connection made by Du Bois between education and
Black emancipation, and the actual perversion of the promise of public education—both as the
guarantor of social mobility and as the means for achieving racial equality—that the BLM move-
ment seeks to draw our attention to the racial aspects of the current crisis of student debt.
employment that could afford them a middle-class lifestyle. Over time, getting a college degree has
increasingly become an imperative. Even by the late 1970s, the college earnings premium (the
amount college graduates make over those with high school diplomas) had gone up to a robust
40%. A report by the Federal Reserve of New York (Abel and Deitz, 2019) shows that “a typical
college graduate earns a premium of. . .nearly 75 percent.”
As a college education gained in importance, more students borrowed money to get a degree,
and as tuition increased, the amount of borrowing grew. The student debt servicing and debt col-
lection industries were passed into private hands, which created a perverse incentive on their part
to steer students toward default since there were huge profits to be made from penalties and fees.
Unsurprisingly, student debt exploded and has been growing at an alarming rate. Even a cursory
look is enough to indicate that the problem is of significant proportions: 45 million borrowers in the
US hold student debt which totals over $1.7 trillion and is growing at a rapid rate, annual student
borrowing has increased five-fold over the last 30 years and is up to $100 billion per year, 71% of
students who graduate from 4-year colleges are indebted, and debt levels have been rising steadily
over time (see Chamber of Commerce, 2019; Debt Collective, 2020). Student debt surpassed credit
card debt in 2010 and only trails mortgage debt in terms of outstanding loans. According to the
Student Borrower Protection Center (2018), the year 2018 saw a growth of $83.5 billion in out-
standing student debt. Over 8.5 million new student borrowers accounted for over $100 billion in
new loans. Further, a full 13 million borrowers defaulted on a federal student loan in 2018 alone.
Even that number conceals the real level of distress because unlike other loans, student loans are
considered to be in default only 270 days after a borrower fails to make payments. A study that
examined the data of 35,000 debtors from the credit bureau Experian found that around 40% of
students who had borrowed money for college were either in default or in long-term delinquency
(Hiltonsmith, 2017).
As one might expect in an uneven society, the impact of the debt burden is uneven. For students
from top or middle-income families, debt is a helping hand during their education and the repay-
ments represent a minor outflow relative to their income. Students who come from lower income
families experience debt very differently. For them, debt is the only means to a college education,
which in turn is often the only way for them to advance up the socio-economic ladder. However,
high school graduates from low-income families—those who come from school districts that are
not well funded and thus fail to train students to be successful in college—have a very poor gradu-
ation rate. Data on graduation rates by income is not easily available but estimates show that only
around 20% students from the bottom income quartile graduate with a bachelor’s degree (see
Chingos and Dynarski, 2015). Data on race indicates a similar story. African-American and Latin-
American students are disproportionately represented among those who fail to graduate and those
who struggle to repay their college loans (Hiltonsmith, 2017).
That race is a major predictor of default and delinquency is not surprising. Black borrowers find
it difficult to repay their loans because they often end up working in lower-paying jobs as a result
of job-market discrimination. For instance, in 2014, the median income of white workers with a
bachelor’s degree was $63,338; Black workers earned around $13,000 less than that (Hiltonsmith,
2017). Black borrowers thus find it much harder to pay off their student debts. Scott-Clayton and
Li (2016) summarize their findings in the executive summary of an insightful report published at
the Brookings Institution: “The moment they earn their bachelor’s degrees, Black college gradu-
ates owe $7,400 more on average than their white peers ($23,000 versus $16,000, including non-
borrowers in the averages). But over the next few years, the black-white debt gap more than triples
to a whopping $25,000. Differences in interest accrual and graduate school borrowing lead to
Black graduates holding nearly $53,000 in student loan debt four years after graduation – almost
twice as much as their white counterparts.” Scott-Clayton and Li (2016) go on to argue that “racial
gaps in total debt are far larger than even recent reports have recognized, far larger now in the past,
and correlated with troubling trends in the economy and in the for-profit sector.”
The findings of yet another report titled “The Debt Divide: The Racial and Class Bias Behind
the ‘New Normal’ of Student Borrowing” (Huelsman, 2015) reveal that (a) 81% of Black students
borrow money to go to public colleges for a bachelor’s degree as opposed to 63% of white stu-
dents; (b) greater numbers of Black students borrow money (and borrow more money) to obtain an
Associate’s degree than white students (the more compelling statistic is that this gap in borrowing
is growing over time); (c) 40% of Black students drop out of college compared to 29% of white
students; (d) two in three Black and Latino students at for-profit 4-year institutions drop out before
completing their degree; and (e) 47% of Black students drop out of for-profit 2-years-or-less
institutions.
In response to the pressure exerted by the advocacy groups, the Department of Education finally
released a report in October 2017, which for the first time offered a look at the impact of student
debt on borrowers broken down by race and ethnicity (National Center for Educational Statistics,
2017). The report looked at 12-year outcomes by race for the cohort that began college in 2003–
2004. If earlier studies had made a compelling case that student debt had become a public crisis of
enormous proportions in Black communities across the country, the Department of Education
report revealed that the depth of the crisis had been underestimated (see Miller, 2017). The data
showed that African Americans were forced to borrow at a higher rate than white, Latino, or other
categories of students. Seventy-eight percent of Black students who joined college in 2003–2004
borrowed money while only 57% of white students and 58% of Latino students did. This disparity
in borrowing rates holds true for public, private, for-profit, 4-year, and 2-year institutions. A full
12 years after starting college, far from having paid down the loan, a median African American
borrower owed 113% of the original loan amount. Almost half of all African American borrowers
had defaulted on loans. Nearly 25% of Black students who successfully graduated with a bache-
lor’s degree had defaulted (compared to 9% for the overall population). Even those Black students
who graduated from a 4-year public institution defaulted at a rate of almost one in four. The prob-
lem was the worst among those Black students who had to drop out of college. Two-thirds of these
dropouts had defaulted.
While examining the contents of the report, we must keep in mind that the data examines stu-
dent debt outcomes from 2003 to 2004 onwards, a period when the for-profit college industry
hadn’t yet started booming. The situation today is a lot worse, as underscored by another recent
report. In response to a query by Senator Cory Booker, the Federal Reserve of New York (2019)
released new data that shows the huge gap between the percentage of borrowers in default in
“majority-minority neighborhoods” and “majority-white neighborhoods” in the 10 most segre-
gated metropolitan areas in the U.S. While it is obvious that the student loan system fails all
760 Organization 30(4)
borrowers, it is equally obvious that it fails borrowers of color the most. To take just one example
from the report, student borrowers from minority-dominated neighborhoods in Milwaukee have a
default rate that is four times that of borrowers from predominantly white neighborhoods. It is
important to note here that these numbers precede the economic devastation caused by the corona-
virus crisis starting March 2020. As Brown and Zheng (2020) point out, the COVID-19 pandemic
has accelerated the profound and layered social crises of America’s working class. A McKinsey
report indicates that African-Americans will be disproportionately affected by the pandemic;
around 40% of jobs held by African Americans will be impacted by layoffs, furloughs, reduction
in working hours, or lowering of wages (Florant et al., 2020).
As universities struggle with their budgets and as Black incomes inevitably fall, the ability of
African-American students to finish college and have a reasonable chance of paying off their debt
will also be greatly diminished. Student debt already a critical civil-rights issue before the pan-
demic will become even more so over the next few years. Given the vital importance of education
in social mobility, burdening young people of color with crippling student debt amounts to “colo-
nizing their future” (Marez, 2014: 265).
their subsidiaries used predatory lending practices such as reverse redlining to target minorities for
sub-prime loans, and the wave of evictions that followed devastated African American communi-
ties (Strike Debt, 2014). As a result, the racial wealth gap between Black and white households has
grown to proportions not seen since 1940.
This disparity in Black-white wealth, engineered and preserved through a variety of racist policies,
especially housing policies, plays a vital role in the disproportionate impact of student loans on
African Americans. Household wealth is strongly linked to educational outcomes. The probability
that a student will finish her degree is higher among higher-wealth households. Further, defaults
almost always occur among low-wealth families. Since the cost of defaulting is so enormously
high—huge penalties and additional collection agency fees can increase the value of the outstanding
loan by up to 50%—only those who have no other option will let their loan slide into a default. It is
no surprise therefore when the data shows that Black students, who are far more likely to borrow than
white students and who borrow more than white students to attend college, are several times more
likely to default on their student loans than white students (Federal Reserve of New York, 2019).
called Strike Debt (2014) published the Debt Resisters’ Operation Manual which offered an
explainer of how various forms of debt traps worked and suggested ways in which they could be
collectively resisted. The two groups joined forces to crowdfund a project that purchased debt on
the market for pennies on the dollar; the Rolling Jubilee erased over $30 million of consumer debt.
In 2014, the Debt Collective was launched as a union of debtors in a radically different approach
which recognizes that while individual debtors are helpless, they can be powerful as a collective
force. In a book titled Can’t Pay Won’t Pay: The Case for Economic Disobedience and Debt
Abolition, the Debt Collective (2020) argues that just as the concept of “class” brought workers
together as a structural unit allowing industrial unions to focus on sites of production and exert
their collective power by withholding their labor, debtors’ unions can unite borrowers to exert their
collective power in the sites of capital circulation by withholding their payment (going on “debt
strike”) in coordinated campaigns of resistance. The movement has already made impressive gains:
activists have succeeded in the cancelation of over $1 billion in student loans, made free college
and student debt abolition a legitimate demand, and launched a campaign “Cancel Student Debt
Now” that is endorsed by many elected representatives and has actual traction within the Biden
administration.
In a recent essay, Astra Taylor (2020: 7) of the Debt Collective writes: “With huge numbers
of people recently out of work and vital social services being slashed, one thing is certain: many
households, disproportionately households of color will be forced to take on massive debts to
survive the next year. Life was already difficult before COVID-19 crashed the economy; things
are now becoming untenable. Racial capitalism is a centuries-long pandemic. We cannot afford
not to rebel.”
One such rebellion forcefully (re)announced itself in May 2020, when the Movement for Black
Lives persuaded millions of people across the country to take to the streets to protest police vio-
lence against Black bodies. As it has done since its inception, the BLM movement also sought to
draw attention to the connection between slavery, racial capitalism, police violence against Black
bodies, and the prevailing form of predatory capitalism which uses debt, especially student debt, as
a mode of discipline (Khan-Cullors and bandele, 2018). This is the reason why “full and free
access” to “high quality educational opportunities. . .for all Black people” and the “retroactive
forgiveness of student loans” are such an integral part of the BLM’s platform on reparations (The
Movement for Black Lives, 2019). By highlighting the impoverishment of Black America under
the regime of racial capitalism, and by showing how student debt serves this project, BLM under-
scores the fact that African Americans continue to be colonized subjects and that Black emancipa-
tion remains an unfinished anticolonial project.
A few weeks before he was assassinated, Martin Luther King Jr. wrote in “A Testament of
Hope”:
Today’s dissenters tell the complacent majority that the time has come when further evasion of social
responsibility in a turbulent world will court disaster and death. America has not yet changed cause so
many think it need not change, but that is the illusion of the damned. America must change because
twenty-three million black citizens will no longer live supinely in a wretched past. They have left the
valley of despair; they have found strength in struggle; and whether they live or die, they shall never crawl
or retreat again. Joined by white allies, they will shake the prison walls until they fall. America must
change (King, 1969).
King, celebrating the “magnificent fervent” among African Americans, was hopeful that this
“black revolution” would force the US “to face all its interrelated flaws—racism, poverty, milita-
rism, and materialism” and would expose “systematic rather than superficial flaws” and show that
Mir and Toor 763
“radical reconstruction of society itself is the real issue to be faced” (King, 1969). While his words
are painful reminders of how far the movement for racial justice still has to go, the recent mobiliza-
tions offer reason to hope that the long moral arc of the universe will continue to bend toward
justice (King, 1968).
Funding
The author(s) received no financial support for the research, authorship, and/or publication of this article.
ORCID iD
Ali Mir https://orcid.org/0000-0002-2211-7459
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Author biographies
Ali Mir is a Professor of Management at the College of Business, William Paterson University, NJ.
Saadia Toor is an Associate Professor of Sociology at the College of Staten Island, City University of New
York, NY.