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Congressional Black Caucus Applauds President Biden's Student Loan Debt Forgiveness Plan

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Washington, August 24, 2022 | comments

“The Congressional Black Caucus has remained at the forefront of the fight for student loan forgiveness, regularly meeting with the President and his executive team to ensure this issue remains a priority. The Biden Administration’s Student Loan Debt Plan will provide much-needed relief to Black borrowers. We applaud the elimination of up to $20,000 in debt cancellation for Pell Grant recipients and up to $10,000 in debt cancellation for most non-Pell borrowers for individuals making up to $125,000 and families making up to $250,000. In addition, capping repayment of undergraduate loans at 5 percent of their monthly income, and pausing payments until December 31st,” said Congressional Black Caucus Chairwoman Joyce Beatty. “The burden of student loan debt has disproportionately impacted Black borrowers for far too long, leaving many stuck with thousands of dollars of debt, hindering their abilities to plan for the future and build intergenerational wealth. As the White House reports, even before applying the additional $10K for Pell grant recipients, the average Black borrower will see their balance cut nearly in half, and more than 1 in 4 Black borrowers will see their balance forgiven altogether. The Congressional Black Caucus remains committed to achieving additional reforms to ensure current, and future borrowers are not subjected to this cycle of burdensome debt, and we thank the Biden Administration for delivering this victory for so many families.”

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