Biden can repay Black Americans through canceling our student debt | Akin Olla

Anything short of full forgiveness will only widen inequalities that the president personally contributed to in his career

President Biden has recently committed to both closing the wealth gap between Black and white Americans, and addressing the student debt crisis. While some have applauded him for these steps - in particular his plan to forgive $10,000 in student loans - there are many reasons why his actions are woefully inadequate. Biden owes us a lot more than the piecemeal proposals he has put forth.

According to the White House Initiative on Education Excellence for African Americans, Black college graduates have an average of $52,726 in student debt, compared to $28,006 for white students. A $10,000 student loan forgiveness would wipe out one-third of the burden of the average white debtor, while doing relatively little for the average Black debtor - and this is important because white debtors already have an easier time paying off their loans. Anything short of full forgiveness will only widen already existing disparities. White graduates, on average, owe 10% less than the amount they initially borrowed, Black graduates on the other hand owe 6% more than what they initially borrowed, and Black borrowers are more likely to never be able to pay off their loans at any point in their lives.