Derrick Johnson, president of the NAACP, criticized President Joe Biden’s reported plan to forgive up to $10,000 in student loan debt for some borrowers, saying that the president’s plan the doesn’t go far enough.
“President Biden, canceling $10,000 in student debt is like pouring a bucket of ice water on a forest fire. In other words, it won’t do anything, especially for the Black community,” Johnson said in a statement on Friday.
“The Black community will be watching closely when you make your announcement, but $10,000 is not enough. $10,000 in cancelation would be a slap in the face,” Johnson added. “President Biden, it’s not about whether you can do it, it’s about whether or not you have the will to do it.”
Johnson’s comments come after the Washington Post reported that the White House intends to cancel up to $10,000 in student loan debt per borrower making less than $150,000 a year, citing people familiar with the matter. Johnson has previously urged Biden to forgive at least $50,000 in loans per borrower.
Johnson argues that black Americans were disproportionately affected by the student debt crisis, citing studies by the Brookings Institution.
“On average, Black borrowers have nearly $53,000 in student loan debt four years after graduation—almost twice as much as their white counterparts,” Johnson wrote on Twitter. “37.5% of Black borrowers will default at some point, compared to 12.4% of white borrowers.”
The White House had planned to make an announcement on student debt within the coming days, but will likely wait in light of the school shooting in Uvalde, Texas, the Post reported.
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: YAHOO NEWS
Latest posts by Carson Choate (see all)
- Ghislaine Maxwell had ‘unrestricted access’ at Buckingham palace, says former Royal officer - July 5, 2022
- San Francisco couple threatened with $1,500 fine for allegedly parking in their driveway - July 4, 2022
- Students say NYC principal who tried to ‘get rid of’ white teachers has created ‘insanity’ at the school - July 4, 2022