Student loan has been a major stumbling block to Black Americans in their pursuit for higher education. Recently, the issue of black American student loans took a new twist when the Historically Black Colleges and Universities (HBCUs) decided to cancel the student loans.
Cancellation of student loan debt
More than 20 HBCUs canceled the student debt for continuing students as well as alumni. The institutions used the funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act to clear the student debt. This move comes as President Biden faces mounting pressure to cancel the student loan debts. It is worth noting that the pause on student loan payments expires in September.
What does the debt cancellation mean for students?
The debt cancellation comes as a sigh of relief to Black American students and their families. Instead of worrying about the mounting debt from their undergraduate years, they can focus on new opportunities, jobs or even consider furthering their education.