When President JoeBiden arrived in his home state of Delaware on Friday, he was greeted by new calls to enact a student loan debt forgiveness plan that goes far beyond his campaign pledge.
The NAACP took out a full-page advertisement in the Wilmington News Journal before Biden’s commencement address at the University of Delaware.The university is not just Biden’s alma mater but also a key data point in the case for student loan forgiveness made by Sen. Elizabeth Warren , a prominent liberal voice calling for the outright cancellation of up to $50,000 in student loan debt per borrower.
The White House has not announced a plan, but Biden backed a proposal to forgive at least $10,000 per borrower during the 2020 campaign. “It should be done immediately,” he said then as president-elect. Economists have warned that going further could make inflation worse as concerns over prices reach their highest level since the 1980s.
The White House did not respond to a request for comment on Biden's decision or a timeline for the announcement. “The Black community will be watching closely when you make your announcement, but $10,000 is not enough,” he added.Eliminating $10,000 worth of debt per borrower would cost at least $230 billion, with more than two-thirds of the benefit aiding earners in the top half of the income spectrum, according to estimates by the Committee for a Responsible Federal Budget, a nonpartisan think tank.
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