Last month, President Joe Biden announced a plan to forgive student loan debt for some 40 million Americans.
In the plan, the Biden-Harris Administration said people who earn less than $125,000 per year could be eligible for up to $10,000 in student loan relief. Additionally, those who received a Pell Grant could be eligible for up to $20,000 in student loan relief.
There’s been much debate on just how much this program will cost American taxpayers, but the White House has yet to release that figure.
Now, the White House has released data on how many borrowers in each state are eligible for the program.
In Oklahoma, the White House estimated 454,300 borrowers are eligible to receive up to $10,000 is student debt relief. For those who received a Pell Grant, the White House estimated 321,600 borrowers are eligible to receive up to $20,000 in student debt relief.
According to the White House, nearly 90% of relief dollars will go to those earning less than $75,000 per year – and no relief will go to any individual or household in the top 5% of incomes in the United States.
As of now, student loan payments are set to resume in January 2023.
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