The Department of Education estimated that more than 1.5 million Ohioans will be able to take advantage of President Joe Biden’s plan to forgive $20,000 in federal student loan debts to borrowers who received Pell Grants & $10,000 for other borrowers.
that he’d cancel a portion of student loan debts held by the U.S. Department of Education for borrowers who make less than $125,000 per year, or $250,000 for married couples. He said the effort would be targeted to working and middle-class families who were hit hard during the pandemic, and would not benefit high income households.
The administration said its student debt relief plan would help borrowers and families recover from the coronavirus pandemic and prepare to resume student loan payments in January 2023.
Kvaal said the Education Department is confident it has “clear legal authority to protect borrowers from financial harm resulting from the pandemic” and is “quite confident” Education Secretary Miguel Cardona has legal authority to forgive the debts. “Our black and brown students have to borrow at much higher rates because of policies in this country that have historically denied our families the chance to build generational wealth,” said Pressley. “So this historic action will set those borrowers on a pathway to generational wealth and the promise of a stronger economic position for their children and our children’s children.”
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