Congressional Black Caucus Applauds President Biden’s Student Loan Debt Cancellation Plan

WASHINGTON DC- Congressional Black Caucus Chair Joyce Beatty and members of the Congressional Black Caucus issued the following statement: A Priority. The Biden administration’s student loan plan will provide much-needed relief to black borrowers. We welcome the elimination of up to $20,000 in debt cancellation for Pell Grant beneficiaries and up to $10,000 in debt cancellation for most non-Pell borrowers for individuals $125,000 and the families composing up to $250,000. In addition, the repayment cap for undergraduate loans at 5 percent of their monthly income, and suspend payments until the 31st of Decemberst,” said Joyce Beatty, Chair of the Congressional Black Caucus. “The burden of student loan debt has had a disproportionate impact on black borrowers for far too long, leaving many stuck with thousands of dollars in debt, hampering their ability to plan for the future and build wealth. intergenerational. As the White House reports, even before applying the extra $10,000 to 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 totally forgiven. The Congressional Black Caucus remains committed to further reforms to ensure that current and future borrowers are not subjected to this debt-heavy cycle, and we thank the Biden administration for providing this victory for so many families.

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