President Joe Biden said Thursday that he is considering some form of student loan forgiveness – just not $50,000 per borrower.
Although millions of Americans might not see their student debt wiped clean, Biden said that he is weighing his options for additional student loan forgiveness and will decide in the coming weeks.
Student loan debt in the United States tops $1.7 trillion, with $64.5 billion belonging to Pennsylvania residents.
What is the student loan debt average in Pennsylvania?
Residents in the state owe an average of $35,385 in student loan debt, according to the Education Data Initiative, an organization of researchers that collects statistics on U.S. education.
The organization reported that more than 1.8 million borrowers in the U.S. live in Pennsylvania, and that 14 percent of the state’s 12.8 million population have student loan debt.
How much student loan debt is Biden considering to forgive?
Although Biden did not say how much debt he was considering canceling, the president did show support to axing $10,000 per borrower while on the campaign trail.
Canceling $10,000 of Americans’ student debt would erase $321 billion of federal student loans and eliminate the entire balance for nearly 12 million people, CNBC reported.
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