By White House estimates, President Biden's plan will leave two million borrowers with no student debt relief, and more than 25 million will be left with some debt.
Biden's Student Loan Plan Wipes Out Debt for 20 Million Americans—But Leaves Millions Behindper borrower in federal student loan debt on Wednesday. “Some think it’s too much,” he said in remarks at the White House. “Some think it’s too little. But I believe my plan is responsible and fair. It focuses the benefit on middle-class and working families.”
Nearly eight million borrowers who qualify for forgiveness and whose financial information is already on file with the Department of Education could have the debt forgiveness automatically applied to their accounts. The remaining borrowers will need to apply via an application that will be launched later this year.
While white borrowers collectively owe just over half of the country’s student debt balance, Black borrowers owe more on average. Black women hold the most substantial student debt burden, owing an average of $41,466 one year after graduating from college, compared to $27,606 for Asian women and $33,851 for white women,And that burden is compounded by the gender wage gap and the racial wealth gap that Black women encounter in the workplace.
The Education Trust is among the advocacy groups calling for debt cancellation of $50,000 per borrower.championed $50,000
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