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Here's how more than 450,000 eligible Oklahomans can apply for student loan forgiveness

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Oklahoma State University

People with student debt can now apply for loan forgiveness from the federal government via a form officially released Monday.

More than 450,00 Oklahomans are estimated to get student loan forgiveness under the plan touted by President Joe Biden.

The administration is canceling $10,000 in federal student loan debt for Americans earning $125,000 or less per year or households earning $250,000 or less per year. People who received Pell Grants – federal grants given to low income students – are eligible for up to $20,000 in relief.

According to the U.S. Department of Education, 38.8% of Oklahoma federal student loan borrowers have less than $10,000 in debt, and of those, residents under the income cap will see their student debt wiped clean under the policy. The average Oklahoma student loan borrower owes $31,525, and 12.3% of Oklahoma residents have student loan debt.

The plan faces several legal hurdles and is opposed by numerous Republican politicians, including Oklahoma’s GOP congressional leaders and Gov. Kevin Stitt.

Robby Korth joined KOSU as its news director in November 2022.
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