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
September 21, 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.