Data suggest that doubling the maximum forgiveness amount — to $20,000 — for Pell Grant recipients would be most benefit Black students. To that point, 72% of Black students received a federal Pell Grant during the 2015-16 school year, about double the share of Asian and white students that year, according to most recentCarlos Moreno, a senior campaign strategist at the American Civil Liberties Union, applauded the policy's impact on Black borrowers.
"Student debt cancellation will help secure financial stability and mobility for people of color — particularly Black Americans — who are disproportionately burdened with student debt while providing immediate financial relief and peace of mind for millions of Americans," Moreno said.
"Washington Democrats have found yet another way to make inflation even worse ... and achieve nothing for millions of working American families who can barely tread water," said Senate Minority Leader Mitch McConnell, R-Ky. But Adam Green co-founder of the Progressive Change Campaign Committee, framed the measure as "a bigger investment [in dollar terms] than the G.I. Bill — in young people and millions of others."
"Today, the cancellation of up to $20,000 of student debt for as many as 43 million Americans will have a historic impact on Americans who have faced a uniquely generational burden," Green said.
College is a bubble
Yes, because the only argument is that the lending practice itself is predatory. If that's the case then the universities, the banks, and the government itself must be investigated. Seize the endowments to pay off the debt.
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