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The White House is still debating the specifics of a statement on student loan cancellation, and it’s not clear how far President Joe Biden could go.
According to Mike Pierce, executive director and co-founder of the Student Borrower Protection Center, a think tank that promotes universal debt cancellation, “The White House is about to ask the Education Department to do something that is extraordinarily difficult, and that is going to have the effect of denying debt relief to low-income people, economically vulnerable people, who have the hardest time navigating these complicated paperwork processes.”
Pierce and other advocates for more progressive debt cancellation, such as the NAACP, believe that full and universal debt cancellation for all is the best way forward.
“We have a problem if the rumors are true. And, sadly, we’ve seen this so many times before “In response to the details of the potential policy announcement, NAACP President Derrick Johnson issued a statement on Tuesday.
“President Biden’s decision on student debt cannot become the latest example of a policy that has disadvantaged Black people, particularly Black women. This is not how you treat Black voters, who came out in record numbers and cast 90% of their ballots to save democracy in 2020 “According to Johnson.
However, for many debtors and supporters of student debt cancellation, particularly the nearly half of people with federal student loans who would see their debt extinguished or significantly reduced, Biden’s policy would be cause for major celebration and viewed as a start to reshape the higher education system, where increasing prices have become a key focus.
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Fuller is worried that restarting payments on top of monthly living expenses could push him over the edge, even though he worked hard his first few years out of school to pay down his student debt and then had his loan frozen for much of the epidemic.
Fuller told ABC News, “I expect things will get particularly tight in the winter because my utility expenses are greater. “I mean, for almost two months in January and February, the highs are zero and the lows are -20 [degrees].”
If Biden forgives $10,000 of Fuller’s remaining student loan debt, the bitter cold might not be as bad, he said.
He stated, “I have around two-thirds of the loan left.
In his scenario, payments would become “a lot more manageable and affordable” as a result.
Fuller has personally witnessed how the crippling teacher shortage that resulted in thousands of staff vacancies at the beginning of the most recent school year could be helped by easing the student debt crisis which was also how Betsy DeVos, the Trump administration’s secretary of education, described the problem in 2018.
With the loan forgiveness deadline drawing near, many teachers are on edge due to stagnant pay and growing inflation.
Advocates contend that by canceling some student loans, racial imbalances might also be started to be addressed as Black students are among the fastest-growing demographics taking on debt.
Mason told ABC News, “I shoulder the weight of $70,000 in school loans.” The data demonstrates that Black women are disproportionately and exponentially affected by student loan debt.
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Black women had the highest average student debt of any group, at $38,800, according to Education Trust, a nonprofit organization dedicated to educational reform.
However, Mason’s program—the first full-time paid teacher apprenticeship in Texas—allows students to graduate with one of the least expensive bachelor’s degrees in the nation, according to Mason.
She explained that the objective is to help upcoming teachers overcome the generational challenges that she has experienced as a Black woman.
For minority groups who have historically lacked the resources to enter higher education, Mason’s statement that “they will not have to worry about student loan debt” may open up additional opportunities. “As a first-year teacher in the city of Dallas, my kids will be able to make upwards of $60,000,” Mason said.
“There needs to be a space created for them to produce enough money to pay their student loans without having to forfeit their capacity to create generational wealth for their families,” Mason said of the most negatively impacted borrowers in the country.
ABC News’ assistance was originally used to draught this article. Benjamin Siegel and Mariam Khan both contributed to this report.
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