Almost half of Latino student loan debt is expected to be forgiven under Biden
About half of all Latino student loan borrowers are expected to have their entire debt forgiven under the plan announced Wednesday by President Joe Biden.
About half of all Latino student loan borrowers are expected to have their entire debt forgiven under the plan announced Wednesday by President Joe Biden.
Following up on a campaign promise, the Biden administration is canceling up to $10,000 in federal loan debt and an additional $10,000 if the student was a Pell Grant recipient. Those eligible to qualify must earn less than $125,000 or less than $250,000 for couples filing taxes jointly.
The federal loan forgiveness is expected to significantly impact Latinos who carry a larger student debt burden.
Among Latino undergraduate students who began their postsecondary education in 2012, 51% borrowed funds to pay their undergraduate or graduate education, according to Excelencia in Education, one of the nation’s leading educational think tanks focused on Latino college completion.
The initial $10,000 of federal student loan forgiveness will allow about half of all Latino borrowers to have their entire debt forgiven, according to Excelencia.
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