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Applications for student loan forgiveness for eligible borrowers will be made available this month. According to the Wolf administration, as many as 1.7 million Pennsylvanians could be eligible for student debt relief.
The plan to forgive up to $20,000 in federal student loan debt for Pell Grant borrowers and up to $10,000 for other eligible borrowers with an income of less than $125,000 for an individual and $250,000 for a household was announced by President Joe Biden in late August.
In Pennsylvania, where student loan debt ranks among the highest in the nation, more than 1.7 million borrowers are eligible for debt relief, including 988,800 who are eligible for $20,000 in debt relief, and 731,000 who will have their federal loans completely forgiven, according to the U.S. Department of Education.
“The president’s plan will change countless lives in Pennsylvania. It will provide relief not only for the debt holders but for their families and their communities,” Gov. Tom Wolf said in a statement last week. “I’m grateful that President Joe Biden recognized the positive impact of providing this relief program and I encourage all those paying student loans to check their eligibility and use this opportunity to shed crippling debt and bring their dreams a bit closer to reality.”
The Wolf administration also has said that it will not tax borrowers who have their student loan debt canceled.
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