KUAR | By Daniel Breen
Billions of dollars in student loan debt owed by Arkansans could be forgiven as a result of the Biden Administration’s new student loan forgiveness plan.
The plan, announced Wednesday, aims to cancel $10,000 of student debt for most people making less than $125,000 a year. It would also forgive $20,000 of debt for recipients of Pell Grants, which are typically for undergraduate college students with “exceptional financial need.”
Tony Williams is director of the Arkansas Student Loan Authority, a division of the Arkansas Development Finance Authority and the state Department of Commerce. Speaking with KUAR News, he said a lot of Arkansans stand to benefit from the debt relief plan.
LA Johnson/NPR
As much as $3 billion in student debt could be forgiven in Arkansas as a result of President Joe Biden's new loan forgiveness plan.