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Student Loan Debt Relief Plan, Rejected; Black Borrowers May Be In Dilemma

Student Loan Debt Relief Plan, Rejected; Black Borrowers May Be In Dilemma. | CBS News

Biden’s student loan debt relief plan was rejected by the Supreme Court. Without the student loan forgiveness, historic racial and economic inequities challenges may get worse.

The court, divided 6-3 along political lines, rejected the Biden administration’s arguments that the plan was legal under a 2003 law. This means that the proposed student loan debt relief plan, which aimed to fulfill a campaign promise, will not be implemented.

Biden’s Student Loan Debt Relief Plan Was Rejected by the Supreme Court. | Money

The absence of the student loan debt relief plan worsens difficulties of racial and economic inequities.

President Biden expressed disappointment for the rejection of the student loan debt relief plan and pledged to find other ways to alleviate the financial burden on those with student loan debt other than the rejected student loan debt relief plan.

The rejection of student loan debt relief plan may impact on the racial wealth gap, noting that Black families have less wealth and their children often need to borrow more for education, resulting in a higher percentage of Black students graduating with student debt compared to white students.

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Cardona expressed outrage that Republicans opposed student loan debt relief plan that could have help their own citizens.

Secretary of Education Miguel Cardona criticized Republicans, specifically naming them, for their hypocrisy in regards to the student loan debt relief plan and for benefiting from loans during the pandemic for their businesses.

The Supreme Court’s decision to invalidate student loan debt relief plan and its implications were discussed during a virtual White House briefing attended by Cardona, Under Secretary of Education James Kvaal, and Deputy Director of the White House National Economic Council Bharat Ramamurti.

The current reliance on student debt for funding higher education has been unsuccessful, leading to difficulties in repayment. The failure to fulfill promised solutions has caused frustration among the Black community.

The student loan debt relief plan would have positive economic benefits and impact the decision-making of Black households regarding their living situation, career choice, and starting a family or business.

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It is important to Blacks for Biden to develop a progressive plan that permanently cancels student loan debt rather than providing temporary solutions.

Some critics question Biden’s track record on issues of race and economic development in the Black community.

READ MORE| Supreme Court’s Decision on Student Loans: What Happens Now to Black Borrowers?

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