Black Americans are the only people who have student debt higher than their median annual income. $10,000 in cancelation would not place their student debt lower than their annual income: https://educationdata.org/student-loan-debt-by-income-level
Today, the average white family has roughly 10 times the amount of wealth as the average Black family, while white college graduates have over seven times more wealth than Black college graduates
Black borrowers typically owe 50% more in student debt upon graduation than their white peers. Four years after graduation, this gap increases to 100%
Two key data findings bolster our claim that student debt disproportionately harms low-income households and, in particular, low-income Black households. First, we find that more than half of all student loan debt is held by households that have a zero or negative net worth. Second, we find that of households with student debt, 52% of Black households and 32% of non-Black households have zero or negative net worth: https://www.brookings.edu/essay/student-debt-cancellation-should-consider-wealth-not-income/