About 730,000 Minnesota borrowers to benefit from student debt relief

More than half qualify for up to $20,000, estimates from the Department of Education show

Sep 21, 20220

AL DRAGO, New York Times count

President Joe Biden spoke about student loan forgiveness, while joined by Education Secretary Miguel Cardona, in the Roosevelt Room of the White House, Washington, on Aug. 24, 2022.

About 729,700 borrowers in Minnesota are eligible for student debt relief under President Joe Biden's loan forgiveness plan, according to estimates from the Department of Education.

That plan includes erasing up to $10,000 in federal student loan debt for borrowers making $125,000 or less per year or households earning less than $250,000. Those who received a federal Pell Grant (reserved for undergraduate students with the most acute financial needs) are eligible to have an additional $10,000 discharged.

The Biden Administration estimates that 40 million Americans are eligible for debt relief under the plan, and nearly 20 million borrowers could see their entire remaining balance canceled.

https://www.startribune.com/department-of-education-about-730000-minnesota-borrowers-to-benefit-from-student-debt-relief/600208670/