Who will benefit from student loan relief if this actually happens?

According to a new report from the US Census Bureau, the proposed cancellation or relief of student loans would mainly benefit certain minority groups, but especially anyone considered to be on a very low income.

Which groups would see the most relief?

The United States Census Bureau published the report Thursday September 22. It breaks down the types of degrees as well as which would get the most debt forgiveness.

To look at AA or associate degrees (mainly 2-year or Junior College), the census graphs break down as follows:

* Percentage of people nationwide in each major demographic group who have some kind of student loan debt: (who owes and what percentage still owes after relief)

  • whites (non-minority) 11.7% have a loan – 4.3% should still
  • blacks (non-Hispanic) 19.9% ​​have a loan – 7.3% should still
  • 14.4% of Hispanics have a loan – 6.7% still expected
  • Other minority (non-Hispanic) 12.6% have a loan – 5.9% should

Census data indicates that 7.3% of blacks (non-Hispanics), 6.7% of Hispanics, 5.9% of other minorities (non-Hispanics) and 4.3% of whites would be still have to certain amounts after the pardon. The remaining percentages would have loans canceled completely.

For Licensesthe numbers were as follows: (percentage of population nationally that have some kind of debt) what percentage have debt and what percentage still owe after relief.

  • 14.9% of whites have a loan – 11.1% should still
  • black (non-Hispanic) 27% have a loan – 21.1% still need to
  • 21.1% of Hispanics have a loan – 14.5% still expected
  • other minorities (non-Hispanics) 13.5% have a loan – 9.9% still should.

Of those people, 21.1% Black, 14.5% Hispanic. 11.1% of whites and 9.9% of other minorities would be still have to a lesser amount after relief. The others would be forgiven.

These percentages for owing money after relief skyrocketing for graduate degrees. Very few advanced people (masters) would get all of this written off.

It seems that the greatest percentage of relief is for two-year AA degrees.

It appears that the bulk of those who owe loans would receive what is billed as a “standard” reduction of at least $10,000. Most outright debt discharge would be confined to those with the lowest household or post-education incomes.

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