Biden Administration reveals numbers for student loan debt relief
JACKSON, Miss. (WLBT) - The Biden-Harris Administration expects that more than 40 million borrowers are eligible for its student debt relief plan.
Nearly 20 million borrowers could see their entire remaining balance erased. The student debt relief plan will help borrowers and families continue to recover from the pandemic.
Nearly 90% of relief dollars will go to those earning less than $75,000 per year.
Students currently enrolled around colleges in Jackson say they feel relieved to not have to worry about so much debt after they finish school.
“Focus on other things, relieving that stress of not having to go through college and immediately be in debt having to pay that off. You can kind of focus on starting a life, getting a job,” said Tionna Taylor, a student at Jackson State University.
“It’s just a great relief, um honestly coming out of college without having to pay that debt. That’s a lot of money that can go straight into my pockets which would be really awesome,” stated Sheriah Lodge, a student at Millsaps College. “And it’s just very comforting just to know that myself and like even my family don’t have that weight and stress of having that on debt on our shoulders.”
Pell Grant recipients can be relieved of up to $20,000 of debt. Non-Pell borrowers can be relieved of up to $10,000 of debt.
Taylor shared how she would plan to use the money that she will no longer have to pay, to further her education.
“I would take the opportunity to explore other resources, and other options, and go on internships. Kind of use that stuff for opportunities I wouldn’t be able to pay for myself.”
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