Over One Million Michigan Residents Will Benefit from Student Loan Forgiveness

Liz Gullett

Over One Million Michigan Residents Will Benefit from Student Loan Forgiveness

Aug 26, 2022

Under President Joe Biden’s plan, 1.4 million Michigan residents will be impacted by student debt forgiveness, with approximately 700,000 of those having their debt halved or forgiven entirely. The announcement by the president will forgive $10,000 in debt for those earning less than $125,000 annually or less than $250,000 for married couples. Pell Grant recipients will have $20,000 in student debt forgiven. Currently, 30% of Michigan residents with federal student loans owe less than $10,000 and around 50% owe less than $20,000. Additionally, the pause of student loan repayment, interest, and collections, which began during the COVID-19 pandemic, has been extended for all borrowers through December 31, 2022.

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