Americans, in total, owe nearly $1.75 billion in student loan debt, with more than 44 million people owing, according to a 2020 NAACP report. Though President Joe Biden announced on April 6 that he will again extend relief for federal borrowers, pushing the payment start date back to Sept. 1, his administration hasn’t yet taken any substantial steps toward permanent relief. That leaves many Americans stuck with thousands of dollars of debt, hindering their abilities to plan for the future and invest in assets that would help grow intergenerational wealth. This is particularly damaging for Black Americans, as systemic inequities often hinder the ability to compete on a level playing field in the workplace.
Source: pbs.org