When the Biden Administration announced its latest initiative to reduce the nation’s unsustainable trillion-dollar student debt, both borrowers and advocates rejoiced. In the coming weeks an estimated 804,000 student loan borrowers will receive $39 billion in federal loan debt cancellations.
These unprecedented debt cancellations are available due to systemic corrections that will now ensure all borrowers receive full credit for qualifying payments under the Department’s Income Driven Repayment (IDR) plans.
More importantly, these developments signal one of the very few times that Black student loan borrowers stand to become the initiative’s biggest beneficiaries. Recent data analyses underscore the extra student debt borne by Black America.
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