As the new presidential administration works to tackle the COVID-19 pandemic and the economic crisis that has resulted from coronavirus-related shutdowns, one avenue of relief that Joe Biden has been exploring is student debt cancellation. Easing the burden of student debt has long been a goal of progressives, and the current economic decline has given the idea new urgency. The problem of student debt is particularly acute for Black Americans. In December, Rep. Ayanna Pressley declared that “student loan cancellation is a matter of racial and economic justice across our country,” noting that Black students have to take on more debt and are five times more likely to default compared to their white counterparts. Black college graduates have nearly twice the debt of their peers, owing an average of nearly $53,000. Biden has indicated his intent to eliminate a large portion of student debt, but he has not yet put a concrete plan into action. As the debate over student loan forgiveness...
