About half of all Latino student loan borrowers are expected to have their entire debt forgiven under the plan announced Wednesday by President Joe Biden.
Following up on a campaign promise, the Biden administration is canceling up to $10,000 in federal loan debt and an additional $10,000 if the student was a Pell Grant recipient. Those eligible to qualify must earn less than $125,000 or less than $250,000 for couples filing taxes jointly.
The federal loan forgiveness is expected to significantly impact Latinos who carry a larger student debt burden.
Among Latino undergraduate students who began their postsecondary education in 2012, 51% borrowed funds to pay their undergraduate or graduate education, according to Excelencia in Education, one of the nation’s leading educational think tanks focused on Latino college completion.
The initial $10,000 of federal student loan forgiveness will allow about half of all Latino borrowers to have their entire debt forgiven, according to Excelencia.
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