On Wednesday the Biden administration pledged to forgive $10,000 in federal student loan debt and up to $20,000 for pell grant recipients. Those eligible include single borrowers whose annual income is less than $125,000 and married households who make less than $250,000. He also extended the repayment freeze for all borrowers until the start of 2023.

The administration’s move to enact a repayment freeze in March 2020 at the start of the COVID-19 pandemic has provided an estimated $195 billion in temporary student debt relief.

The student debt crisis has a disproportionate impact on Black borrowers and their families. Across all racial groups, Black borrowers hold the greatest share of the $1.7 trillion in student loan debt.

While some are hailing the administration for the first of its kind debt-relief, some advocacy groups believe that the Biden plan won’t be enough to have a substantive impact for Black borrowers. Join Capital B as we explore the possible outcomes of Biden's loan forgiveness plan and what this means for the Black community.

America’s Latest Attack on Black Wealth: Student Loans

‘It’s Untenable’: The Unequal Burden of the Student Debt Crisis

Black Student Debt: Will Biden's New Plan Do Enough?