The Biden administration will cancel up to $10,000 in student loan debt per borrower, which, according to experts, will do very little to address the magnitude of the crisis.
The Biden administration will cancel up to $10,000 in student loan debt per borrower, according to sources with knowledge of the White House’s as-yet unannounced plans.
President Joe Biden intended to announce his student debt forgiveness plan earlier this week, but postponed his announcement due to the school shooting in Uvalde, Texas. Upon the reporting being published, however, many weighed in on the meager spending proposal on social media.This fall, millions — disproportionately Black and Brown, convinced the American Dream was hopeless unless they borrowed tens of thousands of dollars — will likely have to resume payments, and be worse off.
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