will today announce as much as $10,000 in student debt relief for millions of American borrowers, as well as up to $20,000 in relief for borrowers who received a Pell Grant, according US media reports.
The White House has been debating how much student debt relief to offer for months, after Biden made the issue part of his pitch to voters on the 2020 campaign trail. The announcement of the aid is expected later today, once Biden returns to the White House from vacation., “The loan relief will be limited to borrowers who earn less than $125,000 a year or families earning less than $250,000.
Progressives, civil rights organizations and labor unions have all urged the Biden administration to provide large amounts — as much as $50,000 per borrower — of loan forgiveness to people across-the-board. And they signaled on Tuesday their disappointment with any policy that stops short of sweeping relief.
Derrick Johnson, president of the NAACP, made clear that $10,000 of debt relief per borrower would be insufficient for addressing the racial inequities in student loan debt. “If the rumors are true, we’ve got a problem,” Johnson said in a statement. “President Biden’s decision on student debt cannot become the latest example of a policy that has left Black people — especially Black women — behind,” he added. “This is not how you treat Black voters who turned out in record numbers and provided 90 percent of their vote to once again save democracy in 2020.”
More inflation eh? It should take a few months to see it.
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Source: FinancialReview - 🏆 2. / 90 Read more »