Press Release

Statement from Denise Forte, interim CEO of The Education Trust, on reports the Biden-Harris administration is considering student loan forgiveness:

WASHINGTON (May 10, 2022) — “In light of recent media reports indicating that the Biden-Harris administration is considering $10,000 in student loan forgiveness, The Education Trust expresses our support for forgiving at least $50,000 in student loan debt for all borrowers. While $10,000 is a start, it is a far cry from the relief needed for the hardest-hit borrowers, including first-generation, Black, Latino, and students from low-income backgrounds. We know student debt is disproportionately burdening Black borrowers, who take on debt more frequently and in greater amounts than their White peers to attend college. This is exacerbated by the racial wealth gap and employment discrimination (particularly for those at the intersection of two underserved communities). With the current proposal, millions of borrowers will continue to be in ever-increasing debt, and paying off this debt will still be unattainable. While there are additional investments in public higher education and policy improvements that need to be made to ensure long-term college affordability and access, direct relief is needed now. We urge the administration to increase the level of forgiveness and act in the coming weeks.”