New data shows which states will receive the most student debt relief – By Alex Arger (Scripps News) / July 18, 2023
The Biden administration released state-by-state data on its $39 billion loan forgiveness plan
Data released by the Department of Education Tuesday shows just how many people stand to benefit from the White House’s $39 billion debt relief plan.
The report gives a state-by-state breakdown of the eligible 804,000 borrowers and relief amounts each would receive under the administration’s Income-Driven Repayment plans, or IDR plans, which were “fixed” last week. Those fixes broadened what it means to be in repayments within an IDR plan, though eligible borrowers still have to have been in repayments for at least 20 years.
On Friday, the administration began notifying the student loan borrowers who will see relief, and loans will begin being discharged 30 days after the notifications were sent, the White House said.
These discharges are in part “to address historical failures in the administration of the federal student loan program in which qualifying payments made under IDR plans that should have moved borrowers closer to forgiveness were not accurately accounted for.”
