HARRISBURG, Pa. — Editors note: The attached video is from Aug. 24.
Governor Tom Wolf announced Friday that more than 1.7 million Pennsylvanians are eligible for the Biden Administration's student debt relief plan.
These student loan borrowers will not be taxed by the state for this relief.
“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. Wolf said.
“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," Wolf continued.
In August, the Biden administration announced its plan to cancel up to $20,000 in student debt for eligible borrowers.
In Pennsylvania, there are 1,717300 borrowers who 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 federal Department of Education (DOE).
Nearly 90% of relief dollars will go to those earning less than $75,000 per year.
“This debt relief plan means more breathing room for millions of families,” U.S. Secretary of Education Miguel Cardona said. “It means renters pursuing the dream of homeownership It means parents who thought they’d be paying student debt for the rest of their lives will, for the first time, be able to save for their children’s college education.”
More information on the program is available here. In October, the DOE will contact eligible borrowers and make the relief application available.