White House Releases State by State Breakdown of Student Loan Relief
(BrightPress.org) – Nearly 40 million people stand to benefit from President Joe Biden’s student loan forgiveness program. The relief package, aimed at lowering the debt of struggling, working-class Americans, wipes out a substantial amount of the federally-guaranteed debt of some of the country’s most financially vulnerable people. For around 20 million, the burden will be gone completely.
On September 20, the White House released more information on the program. A comprehensive breakdown of the plan shows that the largest states, such as California and Texas, will receive the most relief.
News: @WhiteHouse has released state-by-state data on the estimated number of student loan borrowers & Pell Grant recipients eligible for student loan debt relief under @POTUS’ plan. https://t.co/1hdCw5cNTt
— U.S. Department of Education (@usedgov) September 20, 2022
The chart separates borrowers by category. It shows that in many of the poorest states, such as Mississippi, the number of Pell grant recipients, those who needed extra financial help to go to school, was nearly three-to-one over traditional borrowers. Nationwide, more than 7 out of 10 black students use the Pell grant system. For Latinos, the proportion is 65%.
Wyoming, the state with the fewest residents, will see far less debt forgiveness. Overall, the White House seems confident that the policy is a success and the bulk of those getting the most out of the policy are those who need it most. Critics are concerned about how much money it’s going to cost American taxpayers.
Do you support the president’s student loan forgiveness program?
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