President Biden is taking a 'hard look' at canceling some federal student loan debt, but even a broad forgiveness plan may leave out some borrowers.
Earlier this month, White House press secretary Jen Psaki said the President is using his campaign comments about providing student loan forgiveness to individuals making less than $125,000 a year as a frame for his current considerations.
That means about 81% of households below the income threshold don't have student loan debt and would not see a benefit if Biden takes new action. One-third of the canceled dollars would go to households with total incomes between $45,000 and $70,000 a year. Advocates for student debt cancellation argue that it would help close the racial wealth gap, because Black students are more likely to take on student debt, borrow larger amounts and take longer paying them off than their White peers.
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