Culture

Here’s Why President Biden’s Student Loan Relief Matters to Our Communities

Lead Photo: TOPSHOT - US President Joe Biden announces student loan relief on August 24, 2022 in the Roosevelt Room of the White House in Washington, DC. - Biden announced that most US university graduates still trying to pay off student loans will get $10,000 of relief to address a decades-old headache of massive educational debt across the country. (Photo by OLIVIER DOULIERY / AFP) (Photo by OLIVIER DOULIERY/AFP via Getty Images)
TOPSHOT - US President Joe Biden announces student loan relief on August 24, 2022 in the Roosevelt Room of the White House in Washington, DC. - Biden announced that most US university graduates still trying to pay off student loans will get $10,000 of relief to address a decades-old headache of massive educational debt across the country. (Photo by OLIVIER DOULIERY / AFP) (Photo by OLIVIER DOULIERY/AFP via Getty Images)
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On Wednesday (August 23), President Joe Biden announced he would cancel up to $10,000 in federal student loan debt for those qualifying borrowers making less than $125,000 annually (or less than $250,000 for couples who file joint tax returns). An additional $10,000 would be canceled for students who received a Federal Pell Grant, which is given to low-income students looking to earn an undergraduate degree.

According to NBC News, this means that approximately half of all Latine student loan borrowers will see their entire debt eliminated. And according to the Education Data Initiative, nearly 7 in 10 Latine student borrowers are currently burdened by college debt.

“Today’s action of getting student loan debt relief to borrowers is about opportunity,” Biden tweeted. “It’s about giving people a fair shot. It’s about making sure folks have the breathing room they need to buy a house, open a business, start a family, and save for their future.”

In a statement, Dr. Feliza Ortiz-Licon, Chief Policy and Advocacy Officer for Latinos for Education, said that the organization was pleased that the president took an “important step” in addressing student loan debt in Latine communities.

“Latino students have to take out more loans than their peers, and take longer to repay those loans,” Ortiz-Licon said. “We look forward to working with Congress and the Administration to fully address the burden these loans place on our community, as well as college affordability that addresses the full cost of attendance for Latino students, and ways to make financial aid more widely available for students currently attending college.”