​​Biden’s Plan Will Wipe out Student Loan Debt for Half of All Latino Borrowers

The secretary of education said debt relief would mean money in the pockets of the Latino communities.

Department of Education Secretary Miguel Cardona said that Biden’s administration’s student loan debt relief program would greatly impact Hispanic borrowers.

In a virtual conference on Wednesday, along with Xavier Becerra, secretary of the Department of Health, and Isabel Casillas Becerra, administrator of the US Small Business Administration, Cardona said the upcoming cancellation of up to $20,000 in student debt will help millions of Latinos mitigate inflation.

According to Cardona, who’s of Puerto Rican origin, one in two Latinos with student debt will be able to clear their debt through the program that will launch before the end of the month.

“Almost half of Hispanics will be able to see their debts go to zero… That’s money in the pocket for Latinos,” Cardona said during the conference.

President Joe Biden has said providing up to $20,000 in debt relief is part of a comprehensive effort for students to mitigate inflation and address the burden of growing college costs. His administration also increased the maximum Pell Grant by the largest amount in over a decade.  

“This action will have a significant impact on Hispanic borrowers, given that among Hispanic undergraduate borrowers, 65% receive Pell Grants,” Biden said in a proclamation for National Hispanic Heritage Month.

According to data released by the White House, Florida is among the states that will see the greatest number of borrowers impacted by student debt relief.  

The estimated number of borrowers eligible for the program is 2,427,600, while the estimated number of Pell grant borrowers eligible for Student Debt Relief is 1,716,300.

Puerto Rican students will also benefit from this program.