Daily News | Student loan forgiveness could wipe out $26B in debt in New Jersey and Pennsylvania
byPresident Joe Biden’s new initiatives to ease federal student debt burdens nationwide would help hundreds of thousands of borrowers in Pennsylvania and New Jersey.
The $10,000 forgiveness plan could wipe out federal debt for under a third of federal loan borrowers in Pennsylvania and New Jersey if they fall under the $125,000 income limit. That represents overall debt cancellation of $26 billion.Nationally, 43 million people owe more than $1.6 trillion in federal student debt. In Pennsylvania and New Jersey, more than three million borrowers owe a combined total of more than $108.6 billion.
Nationally, borrowers owe an average of $37,700. Puerto Ricans have the lowest average federal student debt, followed by North Dakota, while Washington, D.C., tops the list in terms of the average amount of debt borrowers owe.
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