Here’s How Much Your State Gets in Biden Administration’s $1.2 Billion Student Loan-Debt Discharge
Published on February 23, 2024
The Biden administration on Friday published a state-by-state breakdown of the nearly 153,000 borrowers who will automatically have, collectively, their $1.2 billion in federal student loan debt wiped out. For borrowers to be eligible for the latest round of student loan-debt cancellation, the borrowers must be enrolled in the new income-driven repayment (IDR) plan, dubbed SAVE; have been making repayments for at least 10 years; and have originally taken out $12,000 or less for college. In addition, for every $1,000 borrowed above $12,000, a borrower can receive debt discharge after an additional year of repayments. All borrowers on SAVE receive forgiveness after 20 or 25 years, depending on whether they have loans for graduate school....