As the Supreme Court mulls the fate of President Biden’s student loan forgiveness, LendingTree calculated how much money is on the line for Arizona’s federal loan borrowers.
In its new analysis of various data from the U.S. Department of Education, LendingTree researchers found that 313,400 Arizonans have already been approved for an estimated $4 billion in student debt relief, with another 494,500 potentially eligible for $6.4 billion of forgiveness.
Other state-specific takeaways:
- A total of 181,100 Arizona federal student loan borrowers have applied or are automatically eligible (but not approved) for student debt relief, with an estimated forgiveness amount of $2.3 billion.
Full analysis >> https://www.lendingtree.com/student/forgiveness-estimates-study/
National key takeaways
- 16.2M borrowers have already been approved for student loan forgiveness in the 50 states and D.C. under President Biden’s plan to forgive up to $10K or up to $20K in student debt for those who meet the criteria. An additional 9M borrowers have applied or been deemed automatically eligible but haven’t yet been approved.
- LendingTree researchers estimate that amounts to $210B in forgiveness for those already approved, with another $117B potentially forgivable for those who’ve applied or been deemed automatically eligible but haven’t yet been approved.
Arizonans hold, on average, $41,597 in student loan debt.
