Black Wealth Could Get 40% Boost if Biden Heeds Calls to Cancel Student Debt
With the moratorium on loan payments set to expire, Democrats are once again pushing for the president to forgive up to $50,000 per borrower.
The Biden administration’s plan to let a moratorium on student loan payments expire has renewed calls for the president to forgive student debt of up to $50,000 per person. If enacted, the move would help millions of Americans, particularly Black borrowers.
“It’s time for the administration to cancel $50,000 in student debt and give relief to people who are getting crushed,” Senator Elizabeth Warren, a Democrat from Massachusetts, tweeted on Monday. Representative Alexandria Ocasio-Cortez, a Democrat from New York, urged Biden to “lean on his executive authority” to ease student loans burdens for millions of Americans.