Photo provided by The Vice President also debated the topic on President Biden's National Economic Council, where he gathered a wealth of insights into why complete student loan forgiveness would be extremely beneficial in the U.S.'s economic crisis. Ramamurthy concluded that this could have a stimulating effect on the economy and create job growth. The Levy Institute of Economics at Bard College supports these ideas and finds that canceling all student debt would generate hundreds of millions of dollars in annual gross domestic product gains.
How student loan debt cancellation is closing the racial wealth gap bangladesh whatsapp list Student loan debt also disproportionately affects black students. Black students have debt that is multiple times greater than that of white students, according to an annual study. In addition, a compelling study from the Brookings Institution found that "black students owe more dollars on average at graduation than white Asian and Hispanic students" through college savings. Critics of the Biden plan point out that Black borrowers with larger loan balances will now be left behind to continue paying off their debt because their white peers can begin to use that money for things like buying homes.
Photo courtesy of Mario Tamaghetti Photos Long after graduation, Black students in the United States face systemic barriers that keep them from getting high-paying jobs that could actually help them make progress on paying off their student loan debt. The Center for American Progress also noted that due to the widening racial wealth gap, Black Americans are at a disadvantage compared to white Americans when it comes to saving for college. This inequality not only affects Black families but continues to impact Black students and Black students.