How many people will get student loan forgiveness in each state?

How many people will get student loan forgiveness in each state?

Brandon Bell | Getty Images News | fake images

The White House released an analysis Tuesday of how many people in each state will benefit from its student loan forgiveness plan, including a tally of borrowers who received a Pell Grant.

More than 3.5 million people are eligible for debt cancellation in California and in Texas, north of 3 million, according to the estimate made by the US Department of Education.

There is no precedent for the extensive loan relief President Joe Biden announced last month, which may cost as much as $1 trillion. Under the action of the Biden administration, most borrowers will be eligible for a write-off of up to $10,000 if they did not receive a Pell Grant, which is a type of aid available to low-income college students, and up to $20,000 if they did.

More on Personal Finance:
How Student Loan Forgiveness Will Apply to Your Debt
Key Events on the Path to Student Loan Forgiveness
How to calculate your bill for student loan forgiveness

Most Pell Grant recipients come from families with incomes of less than $60,000, says higher education expert Mark Kantrowitz.

Borrowers should be able to apply for forgiveness in October, and some 8 million people can get their loans automatically discharged because the government already has their income data. The relief is limited to individuals earning no more than $125,000 a year, or households earning less than $250,000.

Rep. Ayanna Pressley, D-Mass., a longtime advocate for student loan forgiveness, said she was thrilled to see the numbers. In her state, about 813,000 people will be affected.

“Behind every number, there’s a person, there’s a family, there’s a story,” Pressley said, in a call with reporters about the findings.

Here’s a breakdown of affected borrowers by state.

Leave a Comment

Your email address will not be published.