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.