Biden admin pushes ‘racial equity’ in new student debt plan for ‘more than 30 million borrowers’

Apr 8, 2024 | Political News

On Monday, President Joe Biden announced plans to use an amended version of the Higher Education Act of 1965 in another effort to cancel student loans, this time with a heavy focus on “racial equity.”

In a statement released by the White House, Biden said that last June, the “Department of Education began pursuing an alternative path to debt relief through negotiated rulemaking under the Higher Education Act. Today’s announcement lays out the plans the Biden-Harris Administration is pursuing through that effort.”

“In total, these plans would fully eliminate accrued interest for 23 million borrowers, would cancel the full amount of student debt for over 4 million borrowers, and provide more than 10 million borrowers with at least $5,000 in debt relief or more,” Biden added.