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William Darity: Biden Planning Executive Order For $10K Of Student Debt Relief: 3 Things For Black America To Know
['Ann Brown']
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Some financial experts say student loan forgiveness would help close the wealth gap since the impact of student loan debt is heavier on Blacks. Although Black Americans would gain disproportionately from student loan debt relief because they have larger average levels of higher education debt, acknowledged Darity in an article for The New York Times, he pointed out erasing student debt would result in an average Black gain in wealth of $8,424 and a white gain of $6,560, this only translates into a reduction in the racial wealth gap of $1,864. Some 56 percent of Black voters have taken out loans to fund higher education – 84 percent of whom support full or partial loan debt elimination.