The Supreme Court will hear arguments Tuesday on President Biden’s plan to forgive an estimated $400 billion in student loan debt. The president’s plan has been blocked by several legal challenges, stopping the government from canceling debt for about 26 million borrowers who’ve applied for relief since the program was rolled out in August.
The program would cancel $10,000 in student loan debt for those earning less than $125,000 per year and up to $20,000 for those who receive Federal Pell Grants.
Those challenging the plan in court, including several Republican-led states, argued that the move is an abuse of executive authority.
Should SCOTUS block the student loan debt relief plan, data shows that Black borrowers have the most to lose, holding a disproportionate share of loan debt and many likely recipients of Pell Grants. In the president’s plan, they were qualifying for up to $20,000 in forgiveness. On average, Black college graduates end up owing over $7,000 more than their white peers, according to a study by the Brookings Institute.
The post Black Borrowers Stand To Lose the Most if SCOTUS Blocks Biden Student Loan Relief Plan appeared first on American Urban Radio Networks.
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