Hundreds of Thousands of Iowans Eligible For Student Loan Relief
When President Biden announced the student loan debt forgiveness program earlier this year, many college students and graduates were happy that they were going to get at least a little relief from crippling levels of student debt. Now, new data released by the White House shows just how many college students in Iowa are eligible to have a portion of their student debt forgiven.
CBS2 reports that according to that new data, nearly 95% of Iowa student loan borrowers are set to receive at least some sort of debt forgiveness under the president's plan. Up to $20,000 will be paid back to some borrowers. Under the guidelines released in August, people making less than $125,000 a year or households making less than $250,000 per year are eligible for $10,000 in student loan forgiveness, according to CBS2. Pell Grant recipients can get up to $20,000 forgiven.
New data released from the White House shows that 408, 700 people living in Iowa with student loan debt are eligible for the forgiveness plan, according to CBS2. Of those borrowers, 248,900 are able to forgive $20,000 in student debt. The latest student loan data, from April of this year, shows that there are around 433,000 student loan borrowers in Iowa. CBS2 reports that state residents owe over $13 billion in total student loan debt.
The Department of Education is set to release information soon on how eligible borrowers can apply for the debt forgiveness program. For more information on the program and who is eligible, you can click HERE.