The Department of Education estimates that 45 million Americans have borrowed $1.6 trillion dollars in debt.
are getting a break. President Joe Biden announced a plan last week to forgive some student loans.
The plan will do more for some than it will for others. A breakdown of who holds the most student debt shows a clear disparity in how much of the financial burden has fallen on women and people of color.
. And (those with exceptional financial need) make up 60 percent of the 鈥渂orrower population鈥� according to the White House.
More than 70 percent of students at historically Black colleges and universities are eligible for Pell Grants according to the United Negro College Fund. But compared to white borrowers.
As higher education has become essential for upward social mobility, student loan debt has slowed that trajectory for many people of color.
So, what parts of Biden鈥檚 plan will benefit those who have taken on ? And how could less student debt open up economic opportunities for people of color?
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