The Department of Education estimates that, among borrowers who are no longer in school, nearly 90% of relief dollars will go to those earning less than $75,000 a year.
According to the White House, Parent PLUS loans will also qualify for cancellation under the new policy. Some higher-debt borrowers were left disappointed by Wednesday's announcement, especially after a group of House and Senate Democrats, including Pressley and Warren,"It's hard to be excited about it," says Briana Ford of Columbia, S.C. She's a Black borrower who owes almost $60,000 in student loans.Republicans aren't too excited either. They've long argued against broad-based loan forgiveness.
Many economists and higher education experts also opposed the move, arguing that widespread debt cancellation would do nothing to fix the rising costs of college.
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