Some consumer groups and lawmakers lauded the Biden administration's student loan forgiveness announcement Wednesday while suggesting it wasn't enough.
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.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden expected to make announcement on student loan relief on WednesdayIt's not yet clear what he'll announce. The pause on student loan payments is currently scheduled to end on Aug. 31.
Read more »
Biden set to announce plan to cancel $10,000 in student loan debt WednesdayBiden has faced rising pressure from progressive Democrats to grant loan forgiveness. Critics say it could accelerate inflation.
Read more »
Biden is expected to make announcement on student loan relief on WednesdayIt's not yet clear what he'll announce. The pause on student loan payments is currently scheduled to end on Aug. 31.
Read more »
Joe Biden expected to announce $10,000 student loan forgiveness program Wednesday: reportPresident Biden's expected announcement to forgive $10,000 in student loans will cost American taxpayers around $300 billion, according to some estimates.
Read more »
Biden is expected to make announcement on student loan relief on WednesdayIt's not yet clear what he'll announce. The pause on student loan payments is currently scheduled to end on Aug. 31.
Read more »
Biden set to announce plan to cancel $10,000 in student loan debt WednesdayBiden has faced rising pressure from progressive Democrats to grant loan forgiveness. Critics say it could accelerate inflation.
Read more »