Over 417,000 Mississippians eligible for $10,000 in the federal forgiveness and over 316,000 eligible for $20,000 Pell Grant forgiveness.
Today, the White House released state-by-state data on how the Biden-Harris Administration’s plan for student loan forgiveness will benefit borrowers in all fifty states, Washington, D.C., and Puerto Rico.
In Mississippi, Louisiana, West Virginia, and Ohio, the White House told Y’all Politics that the impact will be so far reaching that 40 percent of all adults who attended college “will see much-needed relief.”
The White House says an estimated 417,200 borrowers in Mississippi are eligible for the federal forgiveness. In addition, the Administration estimates that 316,400 Mississippians are Pell Grant borrowers eligible for the larger debt forgiveness.
Last month, President Biden announced his Administration’s plan to provide up to $20,000 in debt forgiveness to Pell Grant recipients and up to $10,000 to other borrowers.
The White House says it expects that over 40 million borrowers across the U.S. are eligible for its student loan plan, and nearly 20 million borrowers could see their entire remaining balance discharged.
“The student debt relief plan will help borrowers and families continue to recover from the pandemic and prepare to resume student loan payments in January 2023. 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,” The White House release stated. “By targeting relief to borrowers with the highest economic need, the Administration’s actions are also likely to help narrow the racial wealth gap.”
The White House says that nearly 71% of black undergraduate borrowers are Pell Grant recipients, and 65% of Latino undergraduate borrowers are Pell Grant recipients.
In the coming weeks, the U.S. Department of Education will release additional details. For more information, visit here.
