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Goodbye Student Loan Debt?
The Biden Administration seems poised to take major action in cancelling out student loan debt.
“Student loan debt disproportionately burdens Black and Brown communities,” tweeted Senator Chuck Schumer today. “@POTUS should #CancelStudentDebt to help close the racial wealth gap, provide relief to so many, and help give an immediate boost to our economy.”
In the tweet, Sen. Schumer shared a PBS article from April 11, 2022.
“Student loan debt has a lasting effect on Black borrowers, despite the latest freeze in payments,” wrote Hannah Grabenstein and Saher Khan for PBS.
“Among 2016 graduates, nearly 40 percent of Black students left college with $30,000 or more in debt, compared with 29 percent of white students, 23 percent of Hispanic students and 18 percent of Asian students,” the pair concluded. “Additionally, 86 percent of all Black students graduated that same year with debt of any amount, compared to 70 percent of white students, 67 percent of Hispanic students and 59 percent of Asian students.”
Anyone who follows Sen. Schumer on Twitter knows he is one of the most vocal and outspoken proponents of cancelling student debt in Washington. Schumer has done nothing if not use his social media platform to push a sea change in Capitol Hill policy.