The Biden Administration said on Thursday that it will make changes to how it administers some federal student loan repayments, a move that it says means at least 40,000 borrowers will have their debt canceled and millions more will be eligible to have their debts relieved three years earlier than expected.
The moves have the potential to have a major financial impact on Black borrowers, in particular, because students of color are more likely to finance college degrees and in turn, that debt becomes one of many factors that contributes to a persistent wealth gap in the United States.






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