Whitmer: Student loan forgiveness plan will impact 1.4 million Michiganders
(CBS DETROIT) - Hours after President Joe Biden announced a plan to cancel up to $10,000 in federal student loan debt for millions of Americans, Gov. Gretchen Whitmer says the plan will impact 1.4 million Michiganders.
Whitmer says nearly 700,000 Michiganders with federal student loan debt will have their debt cut in half or entirely.
"People can use these savings to buy a home, start a business, get married, or start a family. I will work with anyone to keep lowering the cost of higher education and offering more paths for Michiganders to earn a higher education tuition-free, without going into debt in the first place," she said in a press release.
Under the plan, borrowers earning less than $125,000 a year, or less than $250,000 a year as a married couple, will be eligible for up to $10,000 in loan forgiveness. Recipients of Pell Grants are eligible for another $10,000 in relief.
In addition, the moratorium on repayment moratorium was extended until the end of the year.
To learn if you're eligible for relief from federal student loans and for more information, visit StudentAid.gov or click here.