On Friday, advocates expressed disappointment and anger at the Biden administration’s decision to forgive $10,000 per borrower for student loans.

Some Democrats and activists insist that President Joe Biden must cancel $50,000 of student loans per borrower in order to have a significant impact on the $1.7 trillion national student loan debt. About 25% of borrowers in default or in default are among the 40 million Americans who are currently in student loan debt.

Thomas Gokey (co-founder) of the magazine said, “It is an absolute insult.” Debt CollectiveA national alliance of creditors. “This is not what he said on the campaign.”

Biden, while running for President, had promised immediate debt cancellation of $10,000 per borrower. He hadn’t made any mention about restricting relief to those who make less than a certain income. The Washington Post reports that the Obama administration may impose income caps of $150,000 and $300,000. For relief for singles, it is also considering marital income caps.

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Gokey stated that adding red tape to cancel the program will lead to many people not being able to receive the policy. He also pointed out other government forgiveness programs that were plagued with problems. These include the public service loan forgiveness program and income-driven repayment plans, which have so far largely failed to deliver their promised relief.

Gokey explained, “All will have to jump through hoops.”

The Washington Post confirmed Friday’s earlier reporting by confirming that the Biden has a $10,000 plan. administration’s leading student debt cancellation plan in the final days of May. Three people who were familiar with discussions said that President Obama had intended to announce the news as quickly as possible, but the shooting massacre at Uvalde Elementary School in Texas forced him to delay.

Although the current pause ends in August, it is not clear if the administration will need regular payments to start over.

CNBC reported that the White House had denied any plan to forgive student debt.

“No decisions have been made yet — but as a reminder no one has been required to pay a single dime of student loans since the President took office,” a White House spokesman told CNBC.

It would be around $2,000 to cancel $10,000 each borrower. $321 billionAround one-third (33%) of student loan borrowers will be able to forgive their loans completely.

While it’s unclear how the relief would be affected by income caps and the reductions, one analysis showed that approximately 97% of all student debtThe thresholds proposed were not met.

The average student loan balance stands at over $30,000 while more than three million borrowers owe higher than $100,000.

Derrick Johnson, president of NAACP, stated that 10,000 dollars “wouldn’t make anything” for Black communities.

Johnson released a statement saying that an average Black borrower has 53,000 student loan debt after graduating, almost twice as much than whites.

His response was, “Ten thousand dollar cancellation would be an insult to the face.” President Biden: It’s not whether you are capable of it, but whether or not it is something you will do.

— Additional reporting by CNBC’s Thomas Franck.

Is $10,000 worth of student loan forgiveness going to you? If you’re willing to share your story for an upcoming article, please email me at annie.nova@nbcuni.com