{"id":37166,"date":"2023-07-18T06:18:45","date_gmt":"2023-07-18T10:18:45","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/student-loan-debt-forgiveness-to-benefit-borrowers-in-texas-the-most\/"},"modified":"2023-07-18T06:18:46","modified_gmt":"2023-07-18T10:18:46","slug":"student-loan-debt-forgiveness-to-benefit-borrowers-in-texas-the-most","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37166","title":{"rendered":"Student-loan debt forgiveness to benefit borrowers in Texas the most"},"content":{"rendered":"
\n

The Biden administration has revamped an existing student-loan forgiveness program, and over 800,000 borrowers are slated to have $39 billion of their debt erased.\u00a0<\/p>\n

Texas is home to the largest number of borrowers who will benefit from the reform\u00a0 \u2014 and debt cancellation, data from the Education Department released Tuesday morning revealed.<\/p>\n

\n

The three states with the largest number of borrowers who will see their student debt erased under the fix to the program, known as Income-Driven Repayment, are Texas, California and Florida, according to data from Education Department.<\/p>\n

Nearly 64,000 Texans\u00a0are expected to see around $3.1 billion in student loans canceled as a result of having paid their outstanding balance through the IDR program over the past two decades.\u00a0<\/p>\n

\u201cRepublican lawmakers \u2014 who had no problem with the government forgiving millions of dollars of their own business loans \u2014 have tried everything they can to stop me from providing relief to hardworking Americans,\u201d President Joe Biden said Friday, announcing the plan. \u201cSome are even objecting to the actions we announced today, which follows through on relief borrowers were promised, but never given, even when they had been making payments for decades.\u201d <\/p>\n

\u201cThe hypocrisy is stunning,\u201d Biden added, \u201cand the disregard for working- and middle-class families is outrageous.\u201d<\/p>\n\n\n\n\n\n\n\n
\n State<\/strong><\/p>\n<\/td>\n\n Borrower Count<\/strong><\/p>\n<\/td>\n\n Debt Eligible for Discharge (in millions)<\/strong><\/p>\n<\/td>\n<\/tr>\n
\n Texas<\/p>\n<\/td>\n\n 63,730<\/p>\n<\/td>\n\n $3,091.80<\/p>\n<\/td>\n<\/tr>\n
\n California<\/p>\n<\/td>\n\n 61,890<\/p>\n<\/td>\n\n $2,958.80<\/p>\n<\/td>\n<\/tr>\n
\n Florida<\/p>\n<\/td>\n\n 56,930<\/p>\n<\/td>\n\n $3,036.80<\/p>\n<\/td>\n<\/tr>\n
\n New York<\/p>\n<\/td>\n\n 42,070<\/p>\n<\/td>\n\n $1,924.10<\/p>\n<\/td>\n<\/tr>\n
\n Georgia<\/p>\n<\/td>\n\n 38,590<\/p>\n<\/td>\n\n $2,130.40<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

At the lower end, loan forgiveness through the IDR fix is least likely to help borrowers in Alaska, Wyoming and Hawaii. In Alaska, only 970 student debtors will see their debt erased through the IDR fix, the federal data revealed.<\/p>\n

Last year, the Biden administration and Education Department announced that they would be reviewing borrowers\u2019 accounts to make sure all student-loan borrowers\u2019 monthly payments toward their debt have been accurately counted.\u00a0<\/p>\n

The count is an important part of the Income Driven Repayment program, which allows debtors to pay 20 or 25 years of debt as a percentage of their income and have the remainder forgiven.<\/p>\n

Until the fix was announced, few had received loan forgiveness in exchange for paying their debt for 20 to 25 years.<\/p>\n

To be clear, the cancellation announced by the administration is not the broad-based loan forgiveness proposal that the Biden administration has been pushing for. The U.S. Supreme Court struck down the president\u2019s plan in June.<\/p>\n

The forgiveness comes as a result of a government program that promised loan forgiveness in exchange for debtors paying back their debt over two decades.<\/p>\n

Jillian Berman contributed to this report.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Biden administration has revamped an existing student-loan forgiveness program, and over 800,000 borrowers are slated to have $39 billion of their debt erased.\u00a0 Texas is home to the largest number of borrowers who will benefit from the reform\u00a0 \u2014 and debt cancellation, data from the Education Department released Tuesday morning revealed. The three states […]<\/p>\n","protected":false},"author":1,"featured_media":37167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-37166","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nStudent-loan debt forgiveness to benefit borrowers in Texas the most | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The Biden administration has revamped an existing student-loan forgiveness program, and over 800,000 borrowers are slated to have $39 billion of their\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=37166\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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