A survey conducted by UnidosUS, the largest Latino civil rights and advocacy organization, found that 52% of respondents with student debt indicated they were the first in their families to take out student loans. 38% with student debt owe an average of $17,000.

Yesterday, President Biden announced that he would cancel $10,000 in student debt for borrowers who earn less than $125,000 per year, and up to $20,000 of debt cancellation for Pell Grant recipients. Also, extended the payment pause to December 31, 2022 marking the seventh time the moratorium is extended.

The 1,200 Latinos who participated in the survey 42% reported defaulting at least once on loan payments and 56% have gone into forbearance at least once. In comparison, Excelencia in Education reported in 2019 that 35% of Latinos had defaulted on student loans at least once in the last 12 years compared to 20% of white students.

The goal of UnidosUS survey was to assess Latinos’s financial status. However, 24% of Latinos do not agree that investing in higher education had a positive impact on their lives.