The Biden administration on Tuesday released a state-by-state estimate of how its student debt relief plan will impact borrowers in the 50 U.S. states, Washington, D.C., and Puerto Rico.
According to a fact sheet from the White House, the administration expects that more than 40 million borrowers are eligible for its student debt relief plan. Of these, nearly 20 million borrowers could have their entire remaining balance discharged.
The announcement comes after President Joe Biden announced in August his administration plans to provide up to $10,000 to borrowers who earn less than $125,000 per year, or $20,000 in debt relief to Pell Grant recipients who meet similar income standards. Pell Grants provide a maximum allowance of $6,985 for a given academic year. Undergraduate students who are in serious financial need are typically awarded the grants….