Daniel De La Hoz | Istock | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Low- and middle-income individuals<\/h2>\n\nAccording to an analysis<\/a> by the White House, 87% of the dollars forgiven under its plan would go to those making less than $75,000 a year.<\/p>\nMeanwhile, any individuals earning more than $125,000 would be excluded from the relief all together.<\/p>\n<\/div>\n
\n\n\n\n![\"President](\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107139110-16663905371666390529-26133384312-1080pnbcnews.jpg?v=1666390866&w=750&h=422&vtcrop=y\")
Those who stand to get the most debt cancellation under the president’s plan \u2014 $20,0000 \u2014 received a Pell Grant in college, meaning they also came from low-income families. Most recipients are from households with incomes of less than $60,000, says higher education expert Mark Kantrowitz.<\/p>\n
“This plan really helps low-income people across the board,” Andre Perry, a senior fellow at Brookings Metro, said<\/a> in a recent interview on The Current, a Brookings Institution podcast.<\/p>\n<\/div>\nPeople of color<\/h2>\n\nThe student debt crisis is cited as a main factor<\/a> for the wide racial wealth gap in the U.S. today. As of the second quarter of 2022, Black families have 25 cents for every dollar of white family wealth, according<\/a> to the Federal Reserve Bank of St. Louis.<\/p>\nBlack college graduates owe an average $7,400 more than their white peers, a\u00a0Brookings Institution<\/a>\u00a0report found. And that inequity only gets worse with time: Black college students owe more than $52,000 four years after graduation, compared with around $28,000 for the average white graduate.<\/p>\n<\/div>\n\nWisdom Cole, the national director of the youth and college division at the NAACP<\/a>, recently told<\/a> Politico that if student loan forgiveness doesn’t come to fruition, it “would be an atrocity for borrowers all across the nation and impact Black borrowers at a higher level.”<\/p>\n<\/div>\nWomen<\/h2>\n\nWomen were widely recognized<\/a> as the biggest winner of Biden’s student loan forgiveness plan, since they owe two-thirds<\/a> of the country’s outstanding student debt.<\/p>\nResearch<\/a> from the Education Data Initiative found that women student borrowers have an average debt almost 10% higher than their male peers one year after graduation, and that, because of\u00a0the persistence of the gender pay gap<\/a>, women take two years longer than men to pay off their student loans, on average.<\/p>\n“Women will be the most affected if loan forgiveness fails,” Kantrowitz said.<\/p>\n<\/div>\n
Older Americans<\/h2>\n\n\n\nInside Creative House | Istock | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
\nIn recent years, due to the fact that more people are returning to school later in life and that student debt has become more burdensome and therefore harder to pay off, more people continue to have the loans into their 50s, 60s and beyond.<\/p>\n
In 1989, just 3% of families headed by someone 50 and over carried student loan debt, and their average balance was around $10,000, according to AARP. By 2016, nearly 10% of these older households still owed on student loans, and their typical balance ballooned to more than $33,000.<\/p>\n
According to an analysis<\/a> by the White House, 87% of the dollars forgiven under its plan would go to those making less than $75,000 a year.<\/p>\n Meanwhile, any individuals earning more than $125,000 would be excluded from the relief all together.<\/p>\n<\/div>\n Those who stand to get the most debt cancellation under the president’s plan \u2014 $20,0000 \u2014 received a Pell Grant in college, meaning they also came from low-income families. Most recipients are from households with incomes of less than $60,000, says higher education expert Mark Kantrowitz.<\/p>\n “This plan really helps low-income people across the board,” Andre Perry, a senior fellow at Brookings Metro, said<\/a> in a recent interview on The Current, a Brookings Institution podcast.<\/p>\n<\/div>\n The student debt crisis is cited as a main factor<\/a> for the wide racial wealth gap in the U.S. today. As of the second quarter of 2022, Black families have 25 cents for every dollar of white family wealth, according<\/a> to the Federal Reserve Bank of St. Louis.<\/p>\n Black college graduates owe an average $7,400 more than their white peers, a\u00a0Brookings Institution<\/a>\u00a0report found. And that inequity only gets worse with time: Black college students owe more than $52,000 four years after graduation, compared with around $28,000 for the average white graduate.<\/p>\n<\/div>\n Wisdom Cole, the national director of the youth and college division at the NAACP<\/a>, recently told<\/a> Politico that if student loan forgiveness doesn’t come to fruition, it “would be an atrocity for borrowers all across the nation and impact Black borrowers at a higher level.”<\/p>\n<\/div>\n Women were widely recognized<\/a> as the biggest winner of Biden’s student loan forgiveness plan, since they owe two-thirds<\/a> of the country’s outstanding student debt.<\/p>\n Research<\/a> from the Education Data Initiative found that women student borrowers have an average debt almost 10% higher than their male peers one year after graduation, and that, because of\u00a0the persistence of the gender pay gap<\/a>, women take two years longer than men to pay off their student loans, on average.<\/p>\n “Women will be the most affected if loan forgiveness fails,” Kantrowitz said.<\/p>\n<\/div>\n Inside Creative House | Istock | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n In recent years, due to the fact that more people are returning to school later in life and that student debt has become more burdensome and therefore harder to pay off, more people continue to have the loans into their 50s, 60s and beyond.<\/p>\n In 1989, just 3% of families headed by someone 50 and over carried student loan debt, and their average balance was around $10,000, according to AARP. By 2016, nearly 10% of these older households still owed on student loans, and their typical balance ballooned to more than $33,000.<\/p>\n![\"President](\"https:\/\/mcusercontent.com\/c97630621baff8c44fe607661\/images\/8f833362-e2af-2445-1d30-f68c0dfa36ba.png\")
People of color<\/h2>\n
Women<\/h2>\n
Older Americans<\/h2>\n