A new analysis shows ten thousand dollars in student loan forgiveness could a long way for Californians with student debt. Ten grand is most commonly being talked about as President Biden is set to make an official announcement on student loan forgiveness sometime between mid-July and early August. Michael Kitchen is with LendingTree’s Student Loan Hero and explains what that would mean to Californians.
“That would mean roughly about 1/3 of California borrowers, literally 33.5 percent, shoudl see all of their federal student loans eliminated,” said Kitchen.
As for those with larger amounts of student debt, there is talk of removing interest on student loans. The largest student loan debt burdens are in the Washington DC area. California is not far behind, tied for ninth, in terms of the number of people with huge amounts of student debt.