NewsLocal News

Actions

White House releases state-by-state data on benefits of student debt relief

On The Money NerdWallet Solve Student-Debt
Posted at 2:39 PM, Sep 20, 2022
and last updated 2022-09-20 14:39:36-04

WASHINGTON, D.C. (WKBW) -  — On Tuesday the White House released state-by-state data on the benefits of the new student debt relief plan.

On Aug. 24, President Biden announced a long-awaited plan to bring debt relief to millions of student loan borrowers.

The plan offers $10,000 in student debt relief to borrowers making under $125,000 a year. Pell Grant recipients are eligible to receive $20,000 in relief.

New York State has an estimated 2,258,800 student loan borrowers that are eligible for student debt relief - coming in at the fourth highest in the country after California, Texas, and Florida.

The number of New York Pell Grant recipients eligible for the student loan relief comes in at 1,320,100 - also fourth in the nation.

The White House predicts that the relief will help narrow the racial wealth gap as 71% of Black borrowers are Pell Grant recipients and 65% are Latino.

The Biden Administration additionally expects that over 20 million loan borrowers can have their remaining balances cleared.

For more information on the White House's student debt relief plan, click here.