SIOUX FALLS, S.D. (KELO) — Nearly 20% of South Dakotans will have at least $10,000 less in student loan debt due to Joe Biden’s debt relief plan.
Tuesday, the White House announced that an estimated 174,200 South Dakotans will qualify for Biden’s debt relief plan. That’s 19.8% of the state’s population. Of those who qualify, 65,100 of them are Pell Grant recipients meaning they can qualify for up to $20,000 in relief.
According to the Federal Reserve of New York, South Dakotans have $3.8 billion in combined student loan debt. The average debt per borrower was $28,218.
The relief plan announced last month would provide relief to Americans who make below $125,000 (a combined $250,000 for married couples). According to the White House, 90% of those affected by the debt relief make under $75,000 a year.
Borrowers who qualify for forgiveness can submit an application to the U.S. Department of Education beginning in October. While nearly 8 million borrowers will automatically receive relief based on income data already provided to the DOE, they still suggest everyone submit an application once it becomes available.