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President Joe Biden Unveils New Plans That Could Eradicate Debt For Over 30M Borrowers

President Joe Biden is unveiling plans that will provide relief to minority borrowers. A press release shares the Biden administration is looking to build on its efforts to eradicate debt for Americans. Already, it has provided financial relief to 4 million borrowers. Now, pending on approval of its latest proposal, the Biden administration is looking to scale its efforts to more than 30 million borrowers and projects it will positively impact Black borrowers, among other targeted demographics including Hispanic borrowers as well as working- and middle-class families. According to Education Data Initiative, Black graduates owe an estimated $25,000 more in student loan debt than their white counterparts. Furthermore, four years after graduation, Black students will be burdened with over 188% more debt than white students. A separate study looking into students who started college between 1995 and 1996 showed the median debt for white borrowers  decreased by 94% 20 years later, with...

Samantha Dorisca

Apr 8, 2024