More than 1 in 10 Illinois residents will benefit from Biden’s student debt relief plan

SPRINGFIELD, Ill. (WCIA) – Last month President Joe Biden announced his government gave billions for federal student loans. Now the White House has calculated the number of people who could benefit from it.

The White House estimates that approximately 1,486,600 Illinoisans could benefit from the student loan forgiveness proposal. According to the latest US Census Bureau report, 12,671,469 people lived in Illinois as of July 2021.

This would mean that 11.73% of all Illinois residents could be eligible for $10,000 in student loan forgiveness.

In addition, 863,600 Pell Grant recipients in Illinois will have $20,000 of their loans forgiven.

In the United States, more than 40 million are eligible for Biden’s student loan forgiveness plan.

College students across Illinois were enthusiastic about politics, like Madison Shaw, a junior at the University of Illinois Springfield, who is grateful the plan would wipe out almost all of her credit.

“It would be a financial drain on my family if I didn’t have to worry about paying all the money back after I graduated,” Shaw said. “Then I’d only have a few grand in student loans after I graduate.”

And unlike other states, under current Illinois Department of Treasury laws, loan forgiveness is not taxed by state taxes.

“Illinois residents who receive loan forgiveness are not required to report that income for their Illinois taxes,” said Maura Kownacki, a spokeswoman for IDOR.

To learn more about federal student loan forgiveness, you can read those from the Department of Education data sheet. You can also sign up for Department of Education email updates about federal student loan forgiveness updates here.

https://fox2now.com/news/illinois/more-than-1-in-10-illinoisans-benefit-from-biden-student-debt-forgiveness-plan/ More than 1 in 10 Illinois residents will benefit from Biden’s student debt relief plan

Sarah Y. Kim

InternetCloning is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@internetcloning.com. The content will be deleted within 24 hours.

Related Articles

Back to top button