Activists call on President Biden to not resume student loan payments in February and to cancel student debt near The White House on December 15, 2021, in Washington, D.C. (Paul Morigi/Getty Images for We, The 45 Million)
Almost 700,000 student loan borrowers in Colorado are expected to benefit from President Joe Biden’s student debt relief plan.
The White House released state-by-state data today showing that over 40 million borrowers are eligible across the country for debt relief. In Colorado, an estimated total of 698,100 borrowers will be eligible, while about 419,000 of those borrowers received Pell Grants and are eligible for higher relief.
According to a news release from the White House, Pell Grant recipients who make less than $75,000 per year will receive up to $20,000 in debt relief while those who did not receive Pell Grants are eligible for up to $10,000. The plan is specifically designed to help working and middle class borrowers better recover from the pandemic and start making payments again in January 2023.
More details on how individuals are able to benefit from the student debt relief plan will be coming from the Department of Education in the coming weeks.
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