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Exploring the Relationship between Student Loan Forgiveness, the Pell Bonus, and Race. An Essay for the Learning Curve

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Title: Exploring the Relationship between Student Loan Forgiveness, the Pell Bonus, and Race. An Essay for the Learning Curve
Language: English
Authors: Cook, Bryan, Tilsley, Alexandra, Urban Institute
Source: Urban Institute. 2022.
Availability: Urban Institute. 2100 M Street NW, Washington, DC 20037. Tel: 202-261-5687; Fax: 202-467-5775; Web site: http://www.urban.org
Peer Reviewed: N
Page Count: 8
Publication Date: 2022
Sponsoring Agency: Walton Family Foundation
Bill and Melinda Gates Foundation
Document Type: Reports - Evaluative
Education Level: Higher Education
Postsecondary Education
Descriptors: Student Loan Programs, Loan Repayment, Federal Aid, Grants, Race, Blacks, African American Students, Hispanic Americans, College Students, Financial Needs, Ethnicity, Disproportionate Representation
Laws, Policies and Program Identifiers: Pell Grant Program
Abstract: In August, the Biden administration announced a plan to forgive up to $10,000 in federal student loans for almost all borrowers, with up to an extra $10,000 for borrowers who had received Pell grants. The additional forgiveness for Pell borrowers intends to address the racial wealth gap, as Black and Hispanic students are more likely to receive Pell grants than white students, acknowledging the common critique that a broad student loan forgiveness plan primarily benefited white borrowers. Analyzing a sample of a recent cohort of borrowers, the data show that although the "Pell bonus" has little impact on the racial distribution of recent students who will receive student loan relief, it significantly increases the share of Pell recipients, of all racial and ethnic groups, who will have all their federal loans forgiven.
Abstractor: ERIC
Entry Date: 2023
Accession Number: ED625816
Database: ERIC
FullText Text:
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  Data: In August, the Biden administration announced a plan to forgive up to $10,000 in federal student loans for almost all borrowers, with up to an extra $10,000 for borrowers who had received Pell grants. The additional forgiveness for Pell borrowers intends to address the racial wealth gap, as Black and Hispanic students are more likely to receive Pell grants than white students, acknowledging the common critique that a broad student loan forgiveness plan primarily benefited white borrowers. Analyzing a sample of a recent cohort of borrowers, the data show that although the "Pell bonus" has little impact on the racial distribution of recent students who will receive student loan relief, it significantly increases the share of Pell recipients, of all racial and ethnic groups, who will have all their federal loans forgiven.
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  Data: 2023
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    Languages:
      – Text: English
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      Pagination:
        PageCount: 8
    Subjects:
      – SubjectFull: Student Loan Programs
        Type: general
      – SubjectFull: Loan Repayment
        Type: general
      – SubjectFull: Federal Aid
        Type: general
      – SubjectFull: Grants
        Type: general
      – SubjectFull: Race
        Type: general
      – SubjectFull: Blacks
        Type: general
      – SubjectFull: African American Students
        Type: general
      – SubjectFull: Hispanic Americans
        Type: general
      – SubjectFull: College Students
        Type: general
      – SubjectFull: Financial Needs
        Type: general
      – SubjectFull: Ethnicity
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      – SubjectFull: Disproportionate Representation
        Type: general
      – SubjectFull: Pell Grant Program
        Type: general
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      – TitleFull: Exploring the Relationship between Student Loan Forgiveness, the Pell Bonus, and Race. An Essay for the Learning Curve
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