Even as they praised the historic measure, some lawmakers and consumer groups immediately objected to it.
The White House said it would forgive up to $20,000 in federal student debt for most borrowers and up to $10,000 for others. Mark Kantrowitz said that the plan may eliminate balances for 9 million borrowers.
The Debt Collective is a union for indebted people.
She said that this is a landmark victory for the movement. She said that President Biden could have done more and made the relief automatic.
Some borrowers may need to apply if the U.S. Department of Education does not have relevant income data. There is an application that isn't currently available.
Taylor said that they intend to fight until college is free. It is possible for President Biden to cancel all of the debt.
A measure to cap undergraduate loan repayments at 5% of monthly income was put in place by Biden.
The policy announcement was praised by Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Elizabeth Warren, D-Mass.
They wanted the White House to cancel up to $50,000 in federal student debt.
The work will continue as we pursue every available path to address the student debt crisis, help close the racial wealth gap for borrowers, and keep our economy growing.
The president and CEO of the NAACP was upset that Biden didn't cancel a lot of loans. Student debt forgiveness could help close the racial wealth gap by helping Black students to borrow more than other students.
It's like pouring a bucket of ice water on a forest fire, according to Johnson. The only thing it does is make a small dent in the problem.
Black students would benefit the most if the maximum forgiveness amount was doubled. According to the most recent data from the National Center for Education Statistics, the share of Asian and white students receiving a federal Pell Grant doubled in the last school year.
The policy's impact on Black borrowers was applauded by a senior campaign strategist.
Student debt cancellation will help secure financial stability and mobility for people of color who are disproportionately burdened with student debt while providing immediate financial relief and peace of mind for millions of Americans.
We intend to keep fighting until all student debt is canceled and college is free.
Some people voiced concern that the Biden administration didn't go far enough, but others said the White House measures went too far and could make inflation worse.
Senate Minority LeaderMitch McConnell, R-Ky., said that Washington Democrats have found another way to make inflation worse.
The measure was framed by Adam Green as a bigger investment than the G.I. Bill.
The cancellation of up to $20,000 of student debt for as many as 43 million Americans will have a historic impact.
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