Gov. Tom Wolf released a statement in late September confirming over 1.7 million Pa. residents are eligible for President Joe Biden’s debt relief plan.
Biden announced borrowers would qualify for student loan debt forgiveness worth up to $20,000 in August. “The Student Debt Relief Plan is designed to help borrowers and families continue to recover from the pandemic as they prepare to resume student loan payments in January 2023,” Wolf’s release said.
“The president’s plan will change countless lives in Pennsylvania. It will provide relief not only for the debt holders, but for their families and their communities,” Gov. Wolf said in a statement. “I’m grateful that President Joe Biden recognized the positive impact of providing this relief program and I encourage all those paying student loans to check their eligibility and use this opportunity to shed crippling debt and bring their dreams a bit closer to reality.”
In Pa. to be exact, there are reportedly 1,717300 borrowers eligible for forgiveness. 988,800 residents will be eligible for $20K in forgiveness, while 731,000 could have their loans completely forgiven.
“This debt relief plan means more breathing room for millions of families,” said U.S. Secretary of Education Miguel Cardona. “It means renters pursuing the dream of homeownership It means parents who thought they’d be paying student debt for the rest of their lives will, for the first time, be able to save for their children’s college education.”
The Education Department is expected to release an application for eligible borrowers to apply for debt relief at some point in October. Borrowers are urged to apply before Nov. 15, 2022, to guarantee relief before loan payments resume in January after the pause ends on Dec. 31. Find out more information here.
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