Arlington, VA – Recently, President Joe Biden announced plans to cancel student debt for millions of Americans using taxpayer dollars with some estimates pegging the cost at approximately half a trillion dollars.
Daniel Garza, President of The LIBRE Initiative, released the following statement:
“For many Latinos obtaining an undergraduate degree is a dream come true. Other Latinos meanwhile have been able to start a business, perfect their trade and launch a career all without a university degree. The government should not be in the business of transferring the financial burden of student loans to taxpayers and do nothing to address the root issue of escalating college tuition costs. Instead of subsidizing student loans with taxpayer dollars, policymakers should systemically alter how students finance their postsecondary education.”
· Hispanic or Latino households only hold 6 percent of student debt (lower than their 9 percent share of the population. (Source)
· The true balances are more concentrated among well-educated borrowers and less among Black and Hispanic borrowers. (Source)