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The White House yesterday released state-by-state data on how the Biden-Harris Administration’s plan for student debt relief will benefit borrowers in all fifty states, Washington, D.C., and Puerto Rico. 

Last month, President Joe Biden announced the plan to give working and middle-class Americans more breathing room by providing up to $20,000 in debt relief to Pell Grant recipients and up to $10,000 to other borrowers. The Biden-Harris Administration expects nationwide over 40 million borrowers are eligible for its student debt relief plan, and nearly 20 million borrowers could see their entire remaining balance discharged.

The estimated numbers for Colorado (rounded to the nearest hundred) are as follows:

• Borrowers eligible for student debt relief: 698,100

• Pell borrowers eligible for student debt relief: 419,000 

The student debt relief plan will help borrowers and families continue to recover from the pandemic and prepare to resume student loan payments in January 2023.

Nearly 90 percent of relief dollars will go to those earning less than $75,000 per year, the White House announcement said — and no relief will go to any individual or household in the top 5 percent of incomes in the United States. 

By targeting relief to borrowers with the highest economic need, the White House hopes the student debt relief plan could narrow the racial wealth gap. 

According to the White House, nearly 71 percent of Black undergraduate borrowers are Pell Grant recipients, and 65 percent of Latino undergraduate borrowers are Pell Grant recipients. 

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