NAACP President Criticizes Biden’s Plan to Cancel $10,000 for Student Loan Borrowers

NAACP President Derrick Johnson suggested that Biden’s student debt plan does not address a meaningful amount of debt, especially for Black borrowers, who are typically burdened by more of it. (Lisa Lake/Stringer)

Joe Biden is reportedly planning to cancel $10,000 for student loan borrowers, and not everyone is happy about it.

Derrick Johnson, president of the NAACP, criticized Biden’s plan — a $10,000 write-off for those making less than $150,000 per year, according to The Washington Post — on Twitter. Johnson suggested that the plan does not address a meaningful amount of debt, especially for Black borrowers, who are typically burdened by more of it.

“Canceling $10,000 in student loan debt is like pouring a bucket of ice water on a forest fire,” he said, tagging Biden’s @POTUS Twitter account.

Johnson has previously urged Biden to forgive at least $50,000 in loans per borrower, saying that student debt is an economic and racial justice issue that grows worse with inflation.

It is “the single best way you can drastically reduce the racial wealth gap, all with the stroke of a pen,” he said in April.

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SOURCE: Business Insider, Ayelet Sheffey and Jason Lalljee