Biden Reaffirms Plan To Cancel Student Debt, Reduce Racial Inequality
Former Vice President Joe Biden, the presumptive Democratic candidate for President, has reaffirmed his plan to cancel student loan debt to stimulate the economy and reduce racial disparities in higher education.
Biden previously released his
student loan plan in April. His proposal would forgive all undergraduate federal student loan debt for borrowers who attended public colleges and universities, as well as historically black colleges and universities (HBCUs) and private minority-serving institutions (MSIs). Borrowers who earn an income of less than $125,000 per year would be eligible for student loan forgiveness.
Biden’s plan
also provides for debt-free community college, and free college at public colleges and universities for all families who make under $125,000 per year. And he would crack down on predatory for-profit colleges, allowing borrowers to obtain loan forgiveness if they are defrauded by these schools, which
disproportionately prey on students of color.
Biden Reaffirms Plan To Cancel Student Debt, Reduce Racial Inequality