According to the Department of Education, around 730,000 Minnesotans are eligible for student debt relief under the President’s loan forgiveness plan. Do you qualify?
Here’s Five Fast Facts on Student Debt Relief in Minnesota:
- 🎒Eliminate Them - You’ve heard the news: the latest program will eliminate up to $10,000 in federal student loan debt for anyone making $125,000 or less per year or households making less than $250,000. Sorry about that, trust fund kids.
- 📚Granted Gratis - If you got a federal Pell Grant, you can have an additional $10,000 discharged. Heh. Discharge.
- 🔢Elimination Equation - About 417,000 Minnesotans (which is more than half of the eligible borrowers) received Pell grants. That means they could qualify (emphasis on could) for up to $20,000 in loan forgiveness.
- 🧮🙂Percent Perfected - For reference, 63% of 2021 Minnesota graduates with a bachelor’s degree have loans with a medium debt of $24,000. Minnesota grads with associate degrees come in at 52% with a median debt of $15,000.
- 💵Who, Me? - Head here if you want to see if you’re eligible and would like to apply.
🔥Bottom line: People have very… strong… feelings about the student debt relief program. One of the main perceptions is that it’s all wiped out. But as you just saw, that’s not true in the slightest. And if almost a quarter of a million Minnesotans can get some financial help, why not take advantage?
Do you qualify? Did you read the article?😉
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