Biden's student debt relief will help thousands in Colorado
President Biden's decision to waive up to $10,000 in student loan debt will come as a welcome relief to many in Colorado.
What's happening: Individual borrowers can cancel $10,000 of debt if they make less than $125,000 or have a combined household income of less than $250,000, the White House announced Wednesday.
- Pell Grant recipients are eligible for $20,000 in relief.
By the numbers: An estimated 771,000 Colorado residents collectively owe about $29 billion in student loans, according to federal figures.
- People aged 62 and older owe the most on average, at $49,536, followed closely by ages 50-61 with an average debt of $49,318.
What they're saying: "I was wanting something more equitable," Denver's Shanique Broom told our partners at Chalkbeat. "But realistically, with how this government, this administration, just like our country has operated, I didn’t even expect this."
Of note: It's unclear how many borrowers in Colorado will benefit from the program.
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