The nonpartisan agency said after accounting for those suspensions, it estimates that the cost of student loans would increase by about an additional $400 billion in present value because of President Joe Biden’s action to cancel up to $20,000 in debt.The White House said it would release its own estimates in the coming weeks.
An estimated 165,900 borrowers from Washington D.C. are eligible for student debt relief under Biden’s loan forgiveness plan, including 60,300 Pell Grant recipients.In Virginia, 965,100 borrowers are eligible for relief, including 566,500 Pell Grant recipients. In Maryland, 747,100 enjoy eligibility, including 419,400 Pell Grant recipients.
Approximately 813,000 — or one in nine — Massachusetts residents stand to benefit, while the White House estimated that 1.3 million student borrowers in Michigan would see relief. “President Biden believes that a post-high school education should be a ticket to a middle-class life, but for too many, the cost of borrowing for college is a lifelong burden that deprives them of that opportunity,” White House officials noted.
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