Biden’s loan forgiveness could ease women’s debt burdens

Debt forgiveness can help, especially among Black women, experts say. The Congressional Black Caucus applauded Biden’s forgiveness plan and chairwomen Joyce Beatty said, “even before applying the additional $10,000 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.” 

That could free up resources for Black women who want to buy a home, car or build intergenerational wealth.  

Sarah Sattelmeyer, project director for education, opportunity and mobility in the Higher Education initiative at New America, told Changing America that Biden’s plan would also help women of color that have disproportionately been burdened by student debt and the fallout of the pandemic.  

“This announcement will provide much needed relief and is an important step toward fully supporting those in the higher education system and with student loans,” she said. 

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