WASHINGTON (KTVZ) – Nearly a half-million Oregon borrowers are expected to be eligible for up to $10,000 in student debt relief under President Biden’s plan announced last month, while about 332,000 borrowers who are Pell grant recipients will be able to receive up to $20,000, according to estimates released Tuesday.
The White House released state-by-state data and said it expects over 40 million borrowers are eligible for student debt relief and nearly 20 million 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,” the announcement said.
Nearly 90% of the relief dollars will go to those earning less than $75,000 a year, they said, and no relief will go to any individual or household in the nation’s top 5% of incomes, according to the White House.
An online application form is expected to be available by early next month, according to the U.S. Department of Education, with a submission deadline of Dec. 31, 2023.