Pres. Biden’s student debt relief plan could benefit thousands of Minnesotans and Iowans
(ABC 6 News) – The White House on Tuesday released state-by-state data on how the Biden Administration’s plan for student debt relief could benefit borrowers across the country and Puerto Rico.
Last month, President Biden announced his plan of providing up to $20,000 in debt relief to Pell Grant recipients and up to $10,000 to other borrowers.
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According to the data, in Minnesota, the estimated number of borrowers eligible for student debt relief is 729,700. The estimated number of Pell Grant borrowers eligible is 416,300.
In Iowa, the estimated number of borrowers eligible for student debt relief is 408,700, with the estimated number of Pell Grant borrowers eligible at 248,900.
The Biden Administration expects that over 40 million borrowers are eligible for its student debt relief plan, and nearly 20 million could see their entire remaining balance discharged.
The Biden Administration says that nearly 90% of relief dollars will go to those earning less than $75,000 per year – and no relief will go to any individual or household in the top 5% of incomes in the United States.
Biden also extended a pause on federal student loan payments for what he called the “final time” through the end of 2022 with payments expected to resume in January 2023.
To learn more and view the state-by-state data released by the White House, CLICK HERE.