Daily Stormer The Most Censored Publication in History
The burden of student loan debt is especially heavy for Black and Hispanic borrowers who on average have less family wealth to rely on to pay for college. And the pandemic only made things worse.
This relief helps to narrow the racial wealth gap and advance racial equity.
— President Biden (@POTUS) August 25, 2022
The funny thing is, the blacks with student loan debt don’t even graduate.
Sending blacks to college is utterly ridiculous. I mean, I’m sure there are some that qualify. Some, I assume, have IQs above 100. But they would be rare.
But the government enabled these loans for the blacks, as if they were going to graduate and become rocket surgeons.
AP:
Gabrielle Perry, a 29-year-old epidemiologist in New Orleans, expects $20,000 of her $135,000 student loan debt to be wiped out under the plan announced this week by President Joe Biden. She is happy for the relief, but disappointed he isn’t fully canceling student debt that weighs especially heavy on African Americans.
For her, it’s discouraging that Biden isn’t doing more to help a constituency that played a critical role in his presidential campaign. Perry, who cares for and financially supports her disabled mother, said those obligations act as a societal tax on Black people, preventing the growth of generational wealth.
“You are ensuring that your little brothers and sisters have what they need for school,” Perry said. “You are helping your parents pay off their rent, their house. So your quote-unquote wealth doesn’t even have time to be built because you’re trying to help your family survive.”
Black borrowers on average carry about $40,000 in federal student loan debt, $10,000 more than white borrowers, according to federal education data. The disparity reflects a racial wealth gap in the U.S. — one that some advocates say the debt relief plan does not do enough to narrow.
One in four Black borrowers would see their debt cleared entirely under the administration’s plan, which cancels $10,000 in federal student loan debt for those with incomes below $125,000 a year, or households that earn less than $250,000. The plan includes an additional $10,000 in relief for Pell Grant recipients, who are more than twice as likely to be Black.
But more work needs to be done to make higher education accessible and affordable, said Wisdom Cole, national director of the NAACP Youth & College Division.
“When we think about education and higher education, fundamentally, it’s the promise of an equitable future,” Cole said. “We have so many Black graduates who go through the system, graduate and are not able to see that future because they disproportionately risk taking out loans.”
Perry faced steep challenges to complete her education. Homeless for nearly a year, she had to drop out of school and saw the interest on her loans balloon. She also faced incarceration. Eventually, she was able to get her record expunged and earned a master’s in public health from Tulane University, graduating just in time for the COVID-19 pandemic.
The pandemic-era freeze on student loan payments, combined with raises at work, allowed Perry to achieve a sense of stability for the first time in her life. She was able to pay off her car, help her disabled mother, and start a nonprofit, the Thurman Perry Foundation, that gives college scholarships to currently or formerly incarcerated women and their daughters.
“That time with that payment pause, it didn’t just build up my life,” Perry said. “It even helped me pull my mother out of poverty. I got her into a safer place to live. It reverberated for people like me. Because I know that there are other people living worse than what I survived.”
Black students are more likely to take on debt to finance their education, and in larger amounts, in part because of the wealth gap that makes it less likely for Black families to be able to finance their children’s education.
This student loan debt forgiveness is just a hoax – it’s obviously designed to boost the Democrats in the mid-terms, and I’m sure it’s popular, but all they’re doing is making taxpayers pay. Someone should have to pay, but it should be the universities that came up with this scheme in the first place. Universities are largely useless, and I would fully support bankrupting them by forcing them to pay the student loan debt of everyone who has graduated from their institutions and failed to secure gainful employment.
The universities promise their degrees will lead to gainful employment, and that doesn’t usually happen, so they are committing fraud, and they should be sued by the government for the cost of these student loans.
Right? That makes sense.
Taxpayers having to pay the loans makes no sense, and all this does is increase inflation even more.
This is going to fuel inflation
— Ernest of Borgnine (@ACK2069) August 25, 2022
A hard majority of Americans who default on their student loans are people who have less than 10 grand worth of loans. Usually bc they are poor. That’s why he is deciding to do 10k. Its not to put a real dent in the peoples loan who have borrowed 50k+. Not that hard to understand
— kk (@kk17901249) August 25, 2022
Why don’t these reports ever talk about the financial needs of black people who *don’t* have student debt, for context? How many black Americans have no wealth, little income, and zero student debt, for comparison? Doesn’t *every* financial hardship hit black people harder?
— John Refior (@jrefior) August 26, 2022
“I can’t just call my parents for thousands of dollars”. But a white personal can?
WTF is wrong with people? Maybe I’m just outta touch but if minority communities think that white communities are full of rich people…. Think again.
— DK (@AnytimeDK) August 25, 2022
