Proponents of student debt forgiveness, including Warren and Senate Majority Leader Charles E. Schumer (D-N.Y.), have urged the administration to go much further and cancel at least $50,000 per borrower, if not all outstanding federal education loans. They say reducing the burden of student loans would help stimulate the economy and close the racial wealth gap, as Black borrowers shoulder a disproportionate amount of debt. Before a rally at the White House earlier this month, Wisdom Cole, the national director of the NAACP’s youth and college division, said, “The Black community continues to be shackled by student debt, and $10,000 in cancellation will not break the chains.”