On Tuesday, October 4th, a Wisconsin conservative law group filed a federal law suit against President Biden's student loan-forgiveness. The group argued that the loan forgiveness had an "improper racial motive" by intentionally helping black borrowers. Thankfully the judge overseeing the proceedings, struck it down. The judge wrote that the group lacked standing with their arguments. He also said "a substantial question remains as to whether plaintiff can demonstrate that it will suffer irreparable harm. Defendants action may be void or voidable. If that is so, a future administration may not be bound by such actions and may seek to collect the purported forgiven debts." The state of Indiana argued that the loan-forgiveness will increase taxes, which will in turn hurt their residents, while 6 other Republican led states claim it will hurt their tax revenue.
What's relative is that it appears that every effort is being made to impede the lower economic class of this country from "pulling themselves up by their bootstraps!" Yet, what really makes it deplorable is, due to the normalization (or the resurgence) of racism, the groups fighting student loan-forgiveness flat out have no problem letting you know it's about keeping the black population down, while inadvertently harming all lower income citizens struggling with student debt.
Investopedia states "By looking at the changes in median income and student debt since 2009, the Brookings Institution found an ever-widening gap between what people are earning and what they owe for their education, especially for Black students."
While student loan differences can be both a symptom of greater socioeconomic inequities and a reinforcement of them, other factors also can influence how much debt a group will collectively owe: total US population, differences in income, career distribution, credit and lending issues, family wealth, parental obligations, local cost of living, loan type and graduation status.
Black borrowers received on average $44,880 of federal loans , the largest amount in 2019 with Whites coming in second (amount not given) and Hispanic borrowers receiving $30,890 on average. When the Federal Reserve System began recording this data in 1989, Black borrowers had the smallest amount of student loan money.
Read the article and form your own opinion.
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