Posted on 08/29/2022 5:39:55 AM PDT by Red Badger
Apparently $500 billion is not enough.
“Biden student loan plan leaves Black borrowers wanting more” is the headline of a recent report in The Hill, which chronicled the parade of groups now arguing the college loan bailout recently announced by President Joe Biden doesn’t go far enough.
The bailout is expected to apply to borrowers making less than $125,000 per year and households making less than $250,000 and includes “up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt cancellation to non-Pell Grant recipients.”
Estimates put the cost of the plan at anywhere from $300 billion to $1 trillion.
Yet some groups argue the plan falls short for black Americans.
“Black student loan borrowers hold the most debt out of any other racial group. An April report by PBS NewsHour found that, among 2016 graduates, nearly 40 percent of Black students graduated college with $30,000 or more in debt compared to only 29 percent of white students, 23 percent of Hispanic students and 18 percent of Asian students,” The Hill reported.
With that, here comes the usual suspects, such as the Congressional Black Caucus, which “called for more focus on the impact the crisis has had on Black borrowers.”
The Hill also reported the NAACP is making some noise.
“If student debt repayments can be paused over and over and over again, there’s no reason why the President cannot cancel a minimum of $50,000,” the NAACP said.
And the Student Borrower Protection Center cited “racial financial inequities.”
“The first thing you have to understand is the fact that student debt is not only a direct reflection of systemic disparities we have in this country, but it also continues to perpetuate them,” said Kat Welbeck, SBPC’s director of advocacy.
“When it’s time for [Black] families to send their children to school, they have less wealth to be able to pay for college,” Welbeck said. “So Black borrowers are not only more likely to borrow but also borrow higher amounts. When Black students leave school, they then also have these higher student debt balances that cuts into opportunities for wealth building over a lifetime.”
Read the entire report at The Hill.
I’m sitting here, just crying.
More free stuff! More free stuff!!
Now that Biden has started it, why would anyone with an outstanding loan pay anything? Just wait until the next e3lection...
Joe, if you want to truly buy the 2022 & 2024 vote, forgive the following:
All mortgage debt.
All car loan debt.
All credit card debt.
Do it Joe and democrats will lock the 2022 and 2024 elections!! /s
Isn’t it always the case? When will Whitie gib de po black man a break?
Black Ass Kissing is demanded in return for giving money to white students disproportionally.
An absence of Black Students resulted in an absence of Black Student Loans
Yeehaah! Ride that horse till it drops.
Can someone explain the whole Pell Grant doubling the loan forgiveness amount thing? What is that about?
The college loan bailout just shot the middle finger at everyone who:
saved for college
paid down loans instead of buying fun stuff
didn’t major in womens studies or other useless majors
didn’t drop out because they only were there to party
went to cheaper schools they could afford
lived at home or in cheap apartments vs country club dorms
etc etc
As always Democrats reward the worst and penalize the best.
Those loans are being used in lieu of a paycheck and should be treated as such.
Many of the litigants are Black.
Coming: reparations.
If Republicans win in 22 and 24 and try to stop this madness they’ll just be more riots and violence from the left. We’re rolling headlong downhill on was once just a slippery slope. America as we knew it, as it could have been is lost.
America is already lost. The question now is can it recover.
One election cycle perhaps but then it will be lost again
I have met three recent graduates of different colleges, who all honestly think they are going to get checks from the FedGov for $10,000. One thinks she’s going to get $20,000 in a check to put towards her student loan debt.
She’s a grade school teacher.
God, help us.
Another rat scam higher ed
“If you give a mouse a cookie....”
They are educated well beyond their intelligence................😉
The perpetual needy have never learned to fend for themselves.
It is never enough.....always demanding, demanding.
Please. Days that end in “y” leave black borrowers clamoring for more.
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