The burden of student loan debt has reached crisis levels, disproportionately affecting students of color and amplifying the racial wealth gap. Now, President Biden’s latest step will help 125,000 borrowers by erasing $9 billion in debt through existing programs. This debt load is not distributed evenly across populations, it falls disproportionately on students of color and their families who are actively trying to close the racial wealth gap.
The Breakdown You Need To Know:
Student debt relief had the potential to act as a catalyst in closing the widening six to one racial wealth gap, NPR reported. Borrowers in the U.S. collectively owe over $1.75 trillion in student loan debt, averaging $28,950 per borrower. Data from the U.S. Dep…
Read the full article at: https://www.forbes.com/sites/korihale/2023/10/19/how-biden-forgiving-another-9-billion-in-student-loan-debt-helps-close-the-racial-wealth-gap/