[Congressional Record Volume 169, Number 88 (Wednesday, May 24, 2023)]
[House]
[Page H2587]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          IMPORTANCE OF LOAN FORGIVENESS IN BLACK COMMUNITIES

  (Mr. PAYNE asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PAYNE. Mr. Speaker, I rise today to discuss the benefits of 
President Biden's student loan forgiveness plan for the Black 
community.
  Today, American families struggle with the high costs of higher 
education. These financial burdens are even worse in Black communities.
  Black college graduates owe $25,000 more in student debt on average 
than White graduates, and they owe 12.5 percent more than they borrowed 
4 years after graduating.
  President Biden's plan would forgive $10,000 to $20,000 of student 
loan debt for eligible students. It would cut the loan balance for 
Black graduates nearly in half, and it would erase the debt for 25 
percent of Black borrowers.
  It is a great first step, but we must do more. We must increase debt 
forgiveness for students targeted by predatory for-profit colleges 
regardless, and we must create interest-free Federal student loans to 
lower the financial burdens of college.

  These actions would help millions of Black graduates pay off their 
loans and get a fresh start.

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