BELOW SUPERNAV drop zone ⇩

White House: Texas, California, Florida have most borrowers eligible for student loan forgiveness

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

ovp test

mLife Diagnostics LLC: Oral Fluid Drug Testing

Male shot by female at Shreveport apartment

Class to create biodiverse backyard

Rules for outbursts at Caddo School Board Meeting

Testing widget old system

Lorenzo shared

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

Texas, California and Florida are the states with the most amount of student loan borrowers who can get debt relief provided through the Biden administration’s income-driven repayment (IDR) plans, the White House announced Tuesday morning.

The Biden administration said Friday it will provide $39 billion in total student loan forgiveness for 804,000 borrowers through the IDR plans, in which the federal government cancels remaining balances for the borrower after they have made their payments for 20 or 25 years.

In the state of Texas, 63,730 borrowers have been approved for an IDR discharge, which is nearly $3.1 billion in debt eligible for discharge. In Florida, there are 56,930 borrowers approved and over $3 billion in debt eligible, and in California, 61,890 borrowers approved and nearly $3 billion in debt eligible.

The White House released the state-by-state data to highlight the people who stand to benefit from the $39 billion in debt relief, according to a White House official. And, notices for that relief have already started going out the door so loans will be discharged in the coming weeks.

Other states with the largest numbers of borrowers approved for an IDR discharge include New York with 42,070 borrowers, Georgia with 38,590 borrowers, Ohio with 37,070 borrowers, Pennsylvania with 29,840 borrowers, Illinois with 28,450 borrowers and Michigan with 26,980 borrowers.

The announcement on Friday was the administration’s latest step towards relief since President Biden’s student loan forgiveness plan was struck down by the Supreme Court late last month. The plan had aimed to forgive $10,000 in loans and $20,000 for Pell Grant recipients but was struck down in a 6-3 decision.

The president then reintroduced his plan rooted in a different law, the Higher Education Act, which proponents argue allows the Education secretary to “compromise, waive or release” student loan debt.

Politics

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Cloudy

la

63°F Cloudy Feels like 63°
Wind
0 mph ESE
Humidity
86%
Sunrise
Sunset

Tonight

Cloudy. Low 62F. Winds light and variable.
62°F Cloudy. Low 62F. Winds light and variable.
Wind
2 mph E
Precip
5%
Sunset
Moon Phase
Waning Gibbous