![]() Among 2016 graduates, nearly 40 percent of Black students graduated college with $30,000 or more in debt, compared to only 29 percent of white students, 23 percent of Hispanic students and 18 percent of Asian students. They also hold the most debt out of any other racial group, according to a report by PBS NewsHour. Though the NAACP applauded Biden’s decision when it was first announced, the organization has also stated that a minimum of $50,000 in student loan forgiveness would be needed to begin closing the racial wealth gap.īlack student loan borrowers are 50 percent more likely to have their loans fall into default. The high court’s decision on the legality of the plan is expected before the end of the month and potentially as soon as this week. Nearly 60 percent of Pell Grant recipients are Black students.īut Biden’s debt forgiveness proposal now faces challenges before the Supreme Court, which appeared skeptical of it in oral arguments earlier this year. In August, Biden also announced a plan to cancel up to $10,000 in federal loan debt and up to $20,000 for recipients of Pell Grants, which are awarded to low-income students. “So that is another victory because that brings in $5 billion each month to the American public,” McCarthy said on Fox News after the deal was announced. The pause has been extended several times, but the Biden-McCarthy agreement locks in its termination payments are now set to resume in October. Student loan repayments were paused by then-President Trump in early 2020 as the nation reeled from the effects of the economic crisis caused by the COVID-19 pandemic. Overall default rates fell to 13.7 from 14.7 the prior year. ![]() “Given the Administration’s stated focus on equity, it is disappointing that narrowing the racial wealth gap was not given a higher priority,” the two said. Last month, the US Department of Education released its latest batch of data on student loan defaults. ![]() Though the debt limit deal, which Biden signed earlier this month, was “wholeheartedly welcomed,” wrote NAACP CEO and President Derrick Johnson and youth and college division Director Wisdom Cole, they are “disappointed that the needs of Black communities have suffered from the negotiated agreement that will erode economic progress for Black Americans.” The organization said the ramifications will only perpetuate a cycle of poverty disproportionately affecting Black Americans. The NAACP sent an open letter to President Biden on Tuesday admonishing his agreement to end the pause on federal student loan payments as part of negotiations with Speaker Kevin McCarthy (R-Calif.) to resolve the debt ceiling crisis. ![]()
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