President Joe Biden’s plans to cancel student loans will particularly impact Black Americans, who carry much of the burden of student loan debt.
“The burden is especially heavy on Black and Hispanic borrowers, who on average have less family wealth to pay for it,” Biden said in a tweet. “And the pandemic only made things worse.”
For those making under $125,000 a year, $10,000 in loans will be erased. For borrowers who received federal Pell grants, which is aid given to undergraduate students who display “exceptional financial need,” up to $20,000 in loans could be canceled.
The Council on American-Islamic Relations (CAIR) also spoke out in favor of a larger relief plan.
“President Biden’s cancelation of some student debt for certain Americans is a step in the right direction but wholly insufficient to make a serious dent in the student debt crisis and growing racial wealth gap,” said CAIR Director of Government Affairs Department Robert S. McCaw in a statement.
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