While the Biden-Harris Administration has already provided over $32 billion in loan relief to 1.6 million student borrowers, they made another move to address student debt last week. The plan provides up to $20,000 in debt cancellation to Pell Grant recipients and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers who earn less than $125,000 per year or households earning less than $250,000 are eligible.
Lodriguez Murray, Senior Vice President of Public Policy & Government Affairs, UNCF (United Negro College Fund) explains how this impacts Black borrowers in several ways including debt reduction/cancellation, contributing to an increase of net worth, additional support to HBCU students and more.