Poder Latinx Applauds President Biden’s Announcement of Critical Debt Relief for Millions of Americans

FOR IMMEDIATE RELEASE

August 25, 2022

CONTACT:

Jackie Elisa Smith  | 989-576-1996 | jsmith@poderlatinx.org

Poder Latinx Applauds President Biden’s Announcement of Critical Debt Relief for Millions of Americans

WASHINGTON- Last week, President Biden announced his administration’s plan to cancel up to $10,000 in student loans for millions of Americans making less than $125,000 a year and up to $20,000 for Pell Grant recipients, as well as to extend the existing payment pause on federal student loans through December 31. Poder Latinx has released the following statement:

“This relief is being delivered as millions of Americans are being impacted by crippling inflation rates, stagnant wages, and devastation following the COVID-19 pandemic. The Latinx community has been disproportionately impacted by this issue, as immigrant communities often don’t have the resources to send their children to college, with 66% of Latinos who began working directly after high school cited the need to help support their family as a reason for not enrolling in college. Of Latinx undergraduate students who began their studies in 2012, 51% borrowed funds to pay for their undergraduate or graduate education. This plan is expected to forgive almost half of all Latinx student debt. It will help communities of color and youth get back on their feet post-grad and allow them to save up to buy homes, start a family, buy a car, and support our economy confidently. We commend this action and call on the administration to continue supporting communities of color during these times,” said Yadira Sanchez, Executive Director of Poder Latinx.

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Poder Latinx’s mission is to build a political wave where Latinx communities, immigrants, and people of color are decision-makers in this country’s democracy.