CHICAGO – Vice President Kamala Harris on Tuesday urged students to take advantage of a new program that erases up to $20,000 in college loan debt.
“You don’t need to have graduated to apply for debt relief. So please help me spread the word,” Harris said.
She said the Biden administration will soon release the forms eligible borrowers will need to complete.
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While the vice president was speaking in South Carolina, people from the White House communications office were on video conferences with local reporters across the country, touting the number of borrowers in each individual state who could benefit.
“In Illinois, nearly 1.5 million people could benefit from President Biden’s plan. More than 600,000 people in the state could see their loan balances drop to zero,” said senior adviser Rachel Thomas. in communications for politics at the White House.
Eligibility is limited to people earning less than $125,000 per year, $250,000 for a couple. The White House says about 90% of the profits will go to those earning less than $75,000 a year.
“The president and I also know that you can’t help us build a better future if you’re buried under a mountain of student debt after you leave here,” Harris said. “And that’s why we announced that we will forgive $10,000 in federal student loan debt for all borrowers earning less than $125,000 a year.”
“And we will also cancel, and this particularly concerns HBCU students, $20,000 of debt for Pell Fellowship recipients.”
The vice president was speaking at the historically black college at South Carolina State University.
Those eligible for student loan forgiveness have until the end of 2023 to apply.