One in Nine Massachusetts Residents Could Get Student Debt Relief

As the administration of Republican Governor Charlie Baker prepares to issue tax rebate checks to Massachusetts taxpayers this fall, the administration of Democrat President Joe Biden is looking to grease some palms in the Bay State as well.

The White House has released projections on the expected impact of the administration's student loan forgiveness program announced recently.

Forbes reported that "According to data compiled by the Education Department, 40 million student loan borrowers across all 50 states will get at least some portion of their loan balances forgiven under Biden's new plan."

Under Biden's plan, "borrowers with government-held student loans will soon be eligible for up to $20,000 in federal student loan forgiveness." Students who accepted Pell Grants as part of their financial aid would receive up to the full $20,000 in loan forgiveness.

"Borrowers who did not receive Pell Grants would be eligible for up to $10,000 in loan forgiveness," reported Forbes.

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State House News Service reported that "About one in nine Massachusetts residents are eligible for student loan debt relief." The SHNS reported the Biden Administration estimates that "roughly 813,000 people meet the income requirements to receive relief, about 401,200 of whom are Pell Grant recipients."

"That pool of potential recipients is the 14th-highest of all states and U.S. territories, and it represents a bit more than 11 percent of the Bay State's population," according to the SHNS.

The Education Department plans to issue a formal application for student debt relief in October. The application will be available at StudentAid.gov. Borrowers will have until December 31, 2023 to apply for debt forgiveness but are encouraged to submit an application by the end of this calendar year.