This inequality not only affects Black families

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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 chile telegram data racial wealth gap, Black Americans are at a disadvantage compared to white Americans when it comes to saving for college. but continues to impact Black students and Black students. Ultimately leaving them with more student loan debt. It goes without saying that student loan debt forgiveness may be just the first step in dismantling the systemic barriers Black people face in America, but it is certainly an essential step.

How Student Loan Debt Affects Borrowers’ Mental Health If these facts aren’t enough, student loan debt isn’t just a source of financial strain. A study conducted in March found some painful truths about the connection between student loan debt and borrowers’ mental health. 9 out of 10 highly indebted borrowers experience depression as a direct result of their debt, while nine out of 10 borrowers experience loan-related anxiety. Additionally, survey data “shows that 1 in 10 suicide deaths among young professionals is caused in part by student loans.