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.
