Nearly 153,000 borrowers are receiving $1.2 billion in forgiveness under President Joe Biden’s Saving on a Valuable Education–SAVE– Plan.
For a borrower to be eligible for this forgiveness they must be enrolled in the SAVE Plan, have been making at least 10 years of payments, and have originally taken out $12,000 or less for college. For every $1,000 borrowed above $12,000, a borrower can receive forgiveness after an additional year of payments. All borrowers on SAVE receive forgiveness after 20 or 25 years, depending on whether they have loans for graduate school. The benefit is based upon the original principal balance of all Federal loans borrowed as a student to attend school, not what a borrower currently owes or the amount of an individual loan.
A state-by-state breakdown released Friday (Feb. 23, 2024) shows 270 borrowers in South Dakota are being forgiven a combined debt of $1.9 million. In other surrounding states:
- Wyoming– 150 borrowers totaling $1.0 million
- North Dakota– 220 borrowers totaling $1.6 million
- Montana– 300 borrowers totaling $2.2 million
- Nebraska– 750 borrowers totaling $5.3 million
- Minnesota– 2,060 borrowers totaling $14.5 million
- Iowa– 2,120 borrowers totaling $17.3 million
Borrowers can learn more about forgiveness programs at StudentAid.gov/forgiveness.
Borrowers can learn more about the right repayment plan for their financial situation at StudentAid.gov/restart.
More information about the SAVE plan is available at StudentAid.gov/save.
The state-by-state breakdown of borrowers approved for forgiveness under SAVE is below:
|
State |
Borrower Count |
Amount Forgiven (in millions) |
| Alabama |
2,550 |
$20.8 |
| Alaska |
190 |
$1.4 |
| Arizona |
3,990 |
$33.0 |
| Arkansas |
1,190 |
$8.7 |
| California |
13,580 |
$114.8 |
| Colorado |
2,530 |
$19.8 |
| Connecticut |
1,600 |
$13.7 |
| Delaware |
650 |
$5.3 |
| District of Columbia |
350 |
$2.9 |
| Florida |
12,790 |
$105.4 |
| Georgia |
6,050 |
$49.7 |
| Hawaii |
280 |
$1.9 |
| Idaho |
1,130 |
$9.2 |
| Illinois |
5,560 |
$43.8 |
| Indiana |
3,330 |
$26.0 |
| Iowa |
2,120 |
$17.3 |
| Kansas |
1,270 |
$9.9 |
| Kentucky |
2,110 |
$16.1 |
| Louisiana |
2,160 |
$16.3 |
| Maine |
700 |
$5.3 |
| Maryland |
2,680 |
$22.7 |
| Massachusetts |
2,490 |
$19.5 |
| Michigan |
6,040 |
$47.0 |
| Minnesota |
2,060 |
$14.5 |
| Mississippi |
1,790 |
$13.3 |
| Missouri |
2,780 |
$22.4 |
| Montana |
300 |
$2.2 |
| Nebraska |
750 |
$5.3 |
| Nevada |
1,650 |
$13.9 |
| New Hampshire |
490 |
$3.6 |
| New Jersey |
4,180 |
$35.3 |
| New Mexico |
860 |
$6.8 |
| New York |
8,190 |
$63.4 |
| North Carolina |
4,170 |
$33.3 |
| North Dakota |
220 |
$1.6 |
| Ohio |
7,540 |
$60.0 |
| Oklahoma |
1,690 |
$12.9 |
| Oregon |
2,220 |
$17.4 |
| Pennsylvania |
5,600 |
$45.1 |
| Puerto Rico |
1,060 |
$6.1 |
| Rhode Island |
450 |
$3.4 |
| South Carolina |
2,520 |
$20.6 |
| South Dakota |
270 |
$1.9 |
| Tennessee |
3,340 |
$25.7 |
| Texas |
14,510 |
$116.6 |
| Utah |
850 |
$5.8 |
| Vermont |
190 |
$1.3 |
| Virginia |
3,040 |
$24.6 |
| Washington |
2,630 |
$20.1 |
| West Virginia |
1,070 |
$8.8 |
| Wisconsin |
1,990 |
$13.8 |
| Wyoming |
150 |
$1.0 |
| All Other Locations |
990 |
$7.4 |
| Total |
152,880 |
$1,218.1 |
| Data as of Mid-February 2024 | ||
| The sum of individual values may not equal the total due to rounding. | ||
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