40 million will receive student loan forgiveness under Biden’s plan – MSR News Online
An estimated 3.55 million California borrowers are eligible for student debt relief under President Joe Biden’s recent loan forgiveness plan, including more than 2.3 million Pell Grant recipients.
In Texas, those numbers are 3.3 million and 2.3 million respectively, while in New York more than 2.2 million are eligible for forgiveness, including 1.3 million Pell Grant recipients.
Students and borrowers across the country are gearing up to take advantage of the president’s plan.
About 165,900 borrowers in the District of Columbia are eligible for student debt relief under President Joe Biden’s recent loan forgiveness plan, including 60,300 Pell Grant recipients.
Those numbers swell in comparison in Virginia and Maryland.
In Virginia, 965,100 borrowers are eligible for relief, including 566,500 Pell Grant recipients. In Maryland, 747,100 people are eligible, including 419,400 Pell Grant recipients.
In state-by-state data released Tuesday, September 20 by the US Department of Education, it is estimated that more than 40 million borrowers nationwide could benefit from the student debt relief plan, and nearly 20 million could see their entire remaining balance. dump.
Last month, Biden announced plans to forgive borrowers up to $10,000 in debt relief and up to $20,000 for Pell Grant recipients.
“The Biden administration’s student debt relief plan will help borrowers and families recover from the pandemic and prepare to resume student loan repayments in January 2023,” officials wrote. administration in an information sheet.
They said about 90% of relief dollars would go to those earning less than $75,000 a year – and none of the relief would go to an individual or household in the top 5% of incomes in the United States. United States.
Officials said that by targeting assistance to borrowers with the highest economic need, the administration’s actions are also likely to help narrow the racial wealth gap.
The White House noted that nearly 71% of black undergraduate borrowers are Pell Grant recipients and 65% of Latino undergraduate borrowers are Pell Grant recipients.
The Department of Education plans to release additional details soon on how individuals across the country can benefit from the administration’s student debt relief plan.
“President Biden thinks a post-high school education should be a ticket to a middle-class life, but for too many people, the cost of borrowing for college is a lifelong burden that robs them of that opportunity.” , administration officials said ahead of Biden’s planned announcement.
“During the campaign, he promised to relieve student debt. Today, the Biden administration is delivering on that promise and giving families a break as they prepare to start repaying their loans after the pandemic-induced economic crisis.
For more information, visit StudentAid.gov/debtrelief.
Stacy M. Brown is the Senior National Correspondent for NNPA Newswire