Last month, President Joe Biden announced a plan to forgive up to $10,000 in federal student loans for individuals with an income less than $125,000 a year or $250,000 per household.
The plan also calls for up to $20,000 in relief for recipients of the Pell Grant for low-income students.
In Nevada, an estimated 315,800 borrowers are eligible for student debt relief, according to a news release from the U.S. Department of Education. And the state has about 216,900 eligible Pell Grant recipients.
Biden’s administration expects that more than 40 million borrowers nationwide will be eligible for student debt relief and nearly 20 million could see their entire remaining balance forgiven, according to the news release.
Nearly 90 percent of the relief money will benefit those making less than $75,000 per year, the release said.
The U.S. Department of Education said it will release more information in the coming weeks about how people can benefit from the student debt relief plan.
For more information, visit StudentAid.gov/debtrelief.