More than 1 million New Jersey residents are eligible for federal student loan relief
President Joe Biden’s student loan forgiveness plan could affect more than 40 million borrowers across all 50 states.
The White House has just released its breakdown by state of which borrowers will be impacted the most.
The report says a little more than 1 million New Jersey borrowers are eligible for the relief. This is the 11th highest across the entire United States. Borrowers would get $10,000 erased from their federal loans.
New Jersey also has close to 600,000 Pell Grant borrowers eligible. They would get up to $20,000 in debt relief canceled.
Those who are eligible are urged to apply before Nov. 15 for that relief to kick in before federal loan payments restart in January.