President Biden's plan to cancel up to $20,000 in student loans will impact people in different ways, but for some, it will have no impact at all.Almost 40% of Ohioans who attended college can expect to have at least a portion of their student loan debt forgiven under President Joe Biden’s student debt relief plan, the White House announced Wednesday.1.
. Under the administration's plan, about 1,677,800 Ohioans will be eligible to have up to $10,000 struck from their student loan debt. Roughly 1,085,700 or so Ohioans who are Pell Grant recipients are eligible for an additional $10,000 to be forgiven from their student debt.to low- and middle-income student loan borrowers.
About 22% of Ohioans with student loan debt owe somewhere between $20,000 to $40,000. Just 1.6% owe more than $200,000 according toOhioans are more likely to have outstanding student loan debt than people almost anywhere else in the U.S. About 15% of Ohio residents have student loan debt, second only to the District of Columbia, where more than 16% of residents owe student loans.
Apart from debt forgiveness, the administration's plan extends the student loan repayment pause one final time through December and proposed a new income-based repayment plan meant to reduce the cost of monthly payments.
It’s not student loan debt relief or student loan debt forgiveness. The debt just doesn’t vanish into thin air. It’s student loan debt TRANSFER and it’s a gross abomination.
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