UPDATE: This article and headline has been updated to correct the number of Nevada student loan borrowers eligible for the plan.
LAS VEGAS (KLAS) — More than 300,000 Nevadans will be eligible for student debt relief, according to a news release from the White House.
State-by-state data on how President Biden’s plan for student debt relief will benefit borrowers in all 50 states was released Tuesday.
It shows that there are an estimated 315,800 student loan borrowers including 216,900 estimated Pell borrowers in the state of Nevada who would be eligible for student loan forgiveness.
The Biden Administration’s plan forgive up to $20,000 for Pell Grant recipients and up to $10,000 for other borrowers. No relief will go to any individual or household in the top 5% of incomes in the U.S. and nearly 90% of the money will go to those earning less than $75,000 a year.
According to the news release, 71% of Black undergraduate borrowers and 65% of Latino undergraduate borrowers are Pell Grant recipients.
It’s expected that 40 million borrowers nationwide will be eligible. Nearly half could see their entire balance cleared.
The pause on student loan payments is also extended until Jan. 2023.
