#NNPA BlackPress
Student Loan Debt Drops $10 Billion Due to Biden Administration Forgiveness
NNPA NEWSWIRE — The Center for American Progress estimates the interest waiver provisions would deliver relief to roughly 6 million Black borrowers, or 23 percent of the estimated number of borrowers receiving relief, as well as 4 million Hispanic or Latino borrowers (16 percent) and 13.5 million white borrowers (53 percent).

New Education Department Rules hold hope for 30 million more borrowers
By Charlene Crowell, The Center for Responsible Lending
As consumers struggle to cope with mounting debt, a new economic report from the Federal Reserve Bank of New York includes an unprecedented glimmer of hope. Although debt for mortgages, credit cards, auto loans and more increased by billions of dollars in the second quarter of 2024, student loan debt decreased by $10 billion.
According to the New York Fed, borrowers ages 40-49 and ages 18-29 benefitted the most from the reduction in student loan debt.
In a separate and recent independent finding, 57 percent of Black Americans hold more than $25,000 in student loan debt compared to 47 percent of Americans overall, according to The Motley Fool’s analysis of student debt by geography, age and race. Black women have an average of $41,466 in undergraduate student loan debt one year after graduation, more than any other group and $10,000 more than men.
This same analysis found that Washington, DC residents carried the highest average federal student loan debt balance, with $54,146 outstanding per borrower. Americans holding high levels of student debt lived in many of the nation’s most populous states – including California, Texas, and Florida.
The Fed’s recent finding may be connected to actions taken by the Biden administration to rein in unsustainable debt held by people who sought higher education as a way to secure a better quality of life. This decline is even more noteworthy in light of a series of legal roadblocks to loan forgiveness. In response to these legal challenges, the Education Department on August 1 began emailing all borrowers of an approaching August 30 deadline to contact their loan servicer to decline future financial relief. Borrowers preferring to be considered for future relief proposed by pending departmental regulations should not respond.
If approved as drafted, the new rules would benefit over 30 million borrowers, including those who have already been approved for debt cancellation over the past three years.
“These latest steps will mark the next milestone in our efforts to help millions of borrowers who’ve been buried under a mountain of student loan interest, or who took on debt to pay for college programs that left them worse off financially, those who have been paying their loans for twenty or more years, and many others,” said U.S. Secretary of Education Miguel Cardona.
The draft rules would benefit borrowers with either partial or full forgiveness in the following categories:
- Borrowers who owe more now than they did at the start of repayment. This category is expected to largely benefit nearly 23 million borrowers, the majority of whom are Pell Grant recipients.
- Borrowers who have been in repayment for decades. Borrowers of both undergraduate and graduate loans who began repayment on or before July 1, 2000 would qualify for relief in this category.
- Borrowers who are otherwise eligible for loan forgiveness but have not yet applied. If a borrower hasn’t successfully enrolled in an income-driven repayment (IDR) plan but would be eligible for immediate forgiveness, they would be eligible for relief. Borrowers who would be eligible for closed school discharge or other types of forgiveness opportunities but haven’t successfully applied would also be eligible for this relief.
- Borrowers who enrolled in low-financial value programs. If a borrower attended an institution that failed to provide sufficient financial value, or that failed one of the Department’s accountability standards for institutions, those borrowers would also be eligible for debt relief.
Most importantly, if the rules become approved as drafted, no related application or actions would be required from eligible borrowers — so long as they did not opt out of the relief by the August 30 deadline.
“The regulations would deliver on unfulfilled promises made by the federal government to student loan borrowers over decades and offer remedies for a dysfunctional system that has often created a financial burden, rather than economic mobility, for student borrowers pursuing a better future,” stated the Center for American Progress in an August 7 web article. “Meanwhile, the Biden-Harris administration also introduced income limits and caps on relief to ensure the borrowers who can afford to pay the full amount of their debts do so.”
“The Center for American Progress estimates the interest waiver provisions would deliver relief to roughly 6 million Black borrowers, or 23 percent of the estimated number of borrowers receiving relief, as well as 4 million Hispanic or Latino borrowers (16 percent) and 13.5 million white borrowers (53 percent).”
These pending regulations would further expand the $168.5 billion in financial relief that the Biden Administration has already provided to borrowers:
- $69.2 billion for 946,000 borrowers through fixes to Public Service Loan Forgiveness (PSLF).
- $51 billion for more than 1 million borrowers through administrative adjustments to IDR payment counts. These adjustments have brought borrowers closer to forgiveness and addressed longstanding concerns with the misuse of forbearance by loan servicers.
- $28.7 billion for more than 1.6 million borrowers who were cheated by their schools, saw their institutions precipitously close, or are covered by related court settlements.
- $14.1 billion for more than 548,000 borrowers with a total and permanent disability.
- $5.5 billion for 414,000 borrowers through the SAVE Plan.
More information for borrowers about this debt relief is available at StudentAid.gov/debt-relief.
Charlene Crowell is a senior fellow with the Center for Responsible Lending. She can be reached at Charlene.crowell@responsiblelending.org.
#NNPA BlackPress
Chavis and Bryant Lead Charge as Target Boycott Grows
BLACKPRESSUSA NEWSWIRE — Surrounded by civil rights leaders, economists, educators, and activists, Bryant declared the Black community’s power to hold corporations accountable for broken promises.

By Stacy M. Brown
BlackPressUSA.com Senior National Correspondent
Calling for continued economic action and community solidarity, Dr. Jamal H. Bryant launched the second phase of the national boycott against retail giant Target this week at New Birth Missionary Baptist Church in Atlanta. Surrounded by civil rights leaders, economists, educators, and activists, Bryant declared the Black community’s power to hold corporations accountable for broken promises. “They said they were going to invest in Black communities. They said it — not us,” Bryant told the packed sanctuary. “Now they want to break those promises quietly. That ends tonight.” The town hall marked the conclusion of Bryant’s 40-day “Target fast,” initiated on March 3 after Target pulled back its Diversity, Equity, and Inclusion (DEI) commitments. Among those was a public pledge to spend $2 billion with Black-owned businesses by 2025—a pledge Bryant said was made voluntarily in the wake of George Floyd’s murder in 2020.“No company would dare do to the Jewish or Asian communities what they’ve done to us,” Bryant said. “They think they can get away with it. But not this time.”
The evening featured voices from national movements, including civil rights icon and National Newspaper Publishers Association (NNPA) President & CEO Dr. Benjamin F. Chavis Jr., who reinforced the need for sustained consciousness and collective media engagement. The NNPA is the trade association of the 250 African American newspapers and media companies known as The Black Press of America. “On the front page of all of our papers this week will be the announcement that the boycott continues all over the United States,” said Chavis. “I would hope that everyone would subscribe to a Black newspaper, a Black-owned newspaper, subscribe to an economic development program — because the consciousness that we need has to be constantly fed.” Chavis warned against the bombardment of negativity and urged the community to stay engaged beyond single events. “You can come to an event and get that consciousness and then lose it tomorrow,” he said. “We’re bombarded with all of the disgust and hopelessness. But I believe that starting tonight, going forward, we should be more conscious about how we help one another.”
He added, “We can attain and gain a lot more ground even during this period if we turn to each other rather than turning on each other.” Other speakers included Tamika Mallory, Dr. David Johns, Dr. Rashad Richey, educator Dr. Karri Bryant, and U.S. Black Chambers President Ron Busby. Each speaker echoed Bryant’s demand that economic protests be paired with reinvestment in Black businesses and communities. “We are the moral consciousness of this country,” Bryant said. “When we move, the whole nation moves.” Sixteen-year-old William Moore Jr., the youngest attendee, captured the crowd with a challenge to reach younger generations through social media and direct engagement. “If we want to grow this movement, we have to push this narrative in a way that connects,” he said.
Dr. Johns stressed reclaiming cultural identity and resisting systems designed to keep communities uninformed and divided. “We don’t need validation from corporations. We need to teach our children who they are and support each other with love,” he said. Busby directed attendees to platforms like ByBlack.us, a digital directory of over 150,000 Black-owned businesses, encouraging them to shift their dollars from corporations like Target to Black enterprises. Bryant closed by urging the audience to register at targetfast.org, which will soon be renamed to reflect the expanding boycott movement. “They played on our sympathies in 2020. But now we know better,” Bryant said. “And now, we move.”
#NNPA BlackPress
The Department of Education is Collecting Delinquent Student Loan Debt
BLACKPRESSUSA NEWSWIRE — the Department of Education will withhold money from tax refunds and Social Security benefits, garnish federal employee wages, and withhold federal pensions from people who have defaulted on their student loan debt.

By April Ryan
Trump Targets Wages for Forgiven Student Debt
The Department of Education, which the Trump administration is working to abolish, will now serve as the collection agency for delinquent student loan debt for 5.3 million people who the administration says are delinquent and owe at least a year’s worth of student loan payments. “It is a liability to taxpayers,” says White House Press Secretary Karoline Leavitt at Tuesday’s White House Press briefing. She also emphasized the student loan federal government portfolio is “worth nearly $1.6 trillion.” The Trump administration says borrowers must repay their loans, and those in “default will face involuntary collections.” Next month, the Department of Education will withhold money from tax refunds and Social Security benefits, garnish federal employee wages, and withhold federal pensions from people who have defaulted on their student loan debt. Leavitt says “we can not “kick the can down the road” any longer.”
Much of this delinquent debt is said to have resulted from the grace period the Biden administration gave for student loan repayment. The grace period initially was set for 12 months but extended into three years, ending September 30, 2024. The Trump administration will begin collecting the delinquent payments starting May 5. Dr. Walter M. Kimbrough, president of Talladega College, told Black Press USA, “We can have that conversation about people paying their loans as long as we talk about the broader income inequality. Put everything on the table, put it on the table, and we can have a conversation.” Kimbrough asserts, “The big picture is that Black people have a fraction of wealth of white so you’re… already starting with a gap and then when you look at higher education, for example, no one talks about Black G.I.’s that didn’t get the G.I. Bill. A lot of people go to school and build wealth for their family…Black people have a fraction of wealth, so you already start with a wide gap.”
According to the Education Data Initiative, https://educationdata.org/average-time-to-repay-student-loans It takes the average borrower 20 years to pay their student loan debt. It also highlights how some professional graduates take over 45 years to repay student loans. A high-profile example of the timeline of student loan repayment is the former president and former First Lady Barack and Michelle Obama, who paid off their student loans by 2005 while in their 40s. On a related note, then-president Joe Biden spent much time haggling with progressives and Democratic leaders like Senators Elizabeth Warren and Chuck Schumer on Capitol Hill about whether and how student loan forgiveness would even happen.
#NNPA BlackPress
VIDEO: The Rev. Dr. Benjamin F. Chavis, Jr. at United Nations Permanent Forum on People of African Descent
https://youtu.be/Uy_BMKVtRVQ Excellencies: With all protocol noted and respected, I am speaking today on behalf of the Black Press of America and on behalf of the Press of People of African Descent throughout the world. I thank the Proctor Conference that helped to ensure our presence here at the Fourth Session of the […]

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