; (3) nearly half of Black graduates owing more on their undergraduate student loans 4 years after graduation than they did when they received their degree; (4) the median Black student borrower owing 95 percent of their debt 20 years after starting college, while the median White student borrower owing 6 percent of their debt after such period; and (5) Latinx student borrowers, who borrow at rates similar to their White peers despite having lower household incomes and significantly less household wealth, are more likely than their White peers to default on their student loans; Whereas Black students and other students who have attended historically Black colleges and universities have had to bear a larger share of student loan debt because of the historic and continued underfunding of these institutions at the State and Federal levels; Whereas student debt cancellation for the families that need it most can substantially increase Black and Latinx household wealth and help close racial wealth gaps; Whereas women hold more than two-thirds of the Nation’s student loan debt and must borrow an average of $3,000 more than men to attend higher education; Whereas, if left unaddressed, the student debt crisis will worsen inequality, exacerbate the current recession, widen the racial wealth gap, and slow economic recovery; Whereas broad student debt cancellation is the most efficient and effective solution to our student debt crisis, would help millions of families, and would remove a significant drag holding back our economy; Whereas broad student debt cancellation would provide immediate relief to millions of American families who are struggling during this pandemic and recession, and prevent them from having an unsustainable student debt burden waiting for them once this pandemic is over