NAACP President Derrick Johnson on President Biden's Student Debt Cancellation Announcement

"President Biden's announcement today, cancelling up to $20,000 for Americans across many generations, takes us one step closer to the NAACP's ultimate goal of alleviating the burden of student debt. We've got a ways to go, but the NAACP is proud that we were able to push President Biden to exceed $10,000, bringing us closer to $50,000 and beyond. Monthly payments won't resume until 2023 and will be more manageable for many borrowers. Americans across the country, including millions of HBCU attendees, will benefit from this decision. Our continued focus remains on closing the racial wealth gap and we will continue to press for scaled solutions. We encourage the Biden Administration to grant qualifying borrowers the promised relief quickly, without the red tape and bureaucracy that prevented millions from receiving public service loan forgiveness. The NAACP will continue advocating for equitable relief for the millions of borrowers who are caught in the student debt crisis."