White House releases state-by-state numbers to benefit from student debt relief
WASHINGTON (WTOK) - Within weeks, borrowers across the nation will be able to apply for student loan forgiveness. The Biden Administration said it expects to roll out the application system next month.
Nationwide, 40 million borrowers are expected to qualify. The White House released a state-by-state breakdown, showing all 50 states will benefit.
The student loan forgiveness extension promises $20,000 in relief for Pell Grant recipients and $10,000 for other borrowers who make less than $75,000 annually.
|State||Estimated # of Borrowers Eligible for Student Debt Relief||Estimated # of Pell Borrowers Eligible for Student Debt Relief|
“It’s just a little more breathing room to give people the comfort to be able to use a little bit of their income to invest back in themselves,” said Jordan Matsudaira, Deputy Under Secretary & Chief Economist at the U.S. Department of Education. “And we expect this to really make a difference for millions and millions of hard working Americans who are going to be able to breathe a little bit more easy.”
Details of how the process will work are limited. But the U.S. Department of Education said the application form will go live online, sometime in mid-October. When that happens, people will be able to log on and apply.
Once approved, the department says borrowers will likely see their balances adjusted in four to six weeks. Check out the White House numbers for all 50 states.
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