Student Debt Forgiveness Programs: More Than 26,000 Michigan Residents Are Eligible

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Fixes to the federal student debt forgiveness programs mean 26,980 Michigan resident borrowers are qualified to get their debt erased.

Student Debt Forgiveness Programs: More Than 26,000 Michigan Residents Are Eligible
Student Debt Forgiveness Programs: More Than 26,000 Michigan Residents Are Eligible (Photo: M Live)

 

The new Student Debt Forgiveness Programs will make borrowers closer to debt forgiveness

Last week, the Department of Education released state-by-state data on how many borrowers will qualify for Student Debt Forgiveness Programs or automatic debt discharge. In Michigan, more than $1.2 billion of student borrowers could avail of the new Student Debt Forgiveness Programs.

This income-driven repayment plan of the government counts the number of qualifying monthly payments that bring borrowers to new Student Debt Forgiveness Programs that make their debt closer to forgiveness.

The Department of Education started notifying eligible borrowers last July 14 to avail of the new Student Debt Forgiveness Programs.

Read Also: Gov. Gretchen Whitmer Signs Bill Removing Asset Test For Food Assistance In Michigan

The Department of Education said the Biden administration is fixing previous failures through the new Student Debt Forgiveness Programs

The new Student Debt Forgiveness Programs will clear $39 billion of debt for 804,000 student loan borrowers.

Borrowers are qualified to avail the new Student Debt Forgiveness Programs if the borrowers accumulated 20 or 25 years of qualifying monthly obligations.

After a three-year pause because of the pandemic, student loan repayments will start in October. Interest will begin accumulating in September. So, qualified borrowers in Michigan should avail of the new Student Debt Forgiveness Programs if they meet the requirements.

Read Also: Michigan Lawmakers Pass A Bill Making Michigan The First State To Allow Residents To Become An Organ Donor Through Tax Income Forms

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