Biden’s reported plan to cancel student debt isn’t enough

With the simple stroke of a pen, President Biden has the unique opportunity to unlock financial freedom for countless Black Americans and low-income communities. But according to CNN reporting, he might cancel just $10,000 of student loan debt per borrower for those earning less than $125,000 a year. That would do little to help.

Black Americans have been disproportionately devastated by student loan debt. Four years after graduating, they hold an average of almost $53,000 in debt, almost double the $28,000 average White Americans hold. And they typically end up owing 6% more than...