Nearly $3 billion of student loans cancelled, racial wealth gap could be closing

From Forbes: “President Biden has already canceled a total of $2.8 billion in debt, with more plans on the horizon. Education is one area where Black Americans are hurting the most due to institutionalized racism-especially with student loans. Young Black adults take on 85% more education debt than their white counterparts, and that disparity compounds by 7% each year after the borrowers leave school, according to a recent study in the Sociology of Race and Ethnicity journal. As the burden of student loan debt is worsening, wealth inequality continues to be the debt disparity among Black college students, so getting rid of this debt could finally move the needle on closing the racial wealth gap.”

View the full article from Forbes.

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