State-by-State Student Debt Relief Guide Released

A state-by-state guide has been released that shows how many people in Maine and the country are qualified for the Student Debt Relief plan.

Mainers who are Eligible

In Maine, up to 280,000 residents could get some of their student debt paid off. There are close to 175,000 Mainers who could see as much as $10,000 forgiven. Some students with high financial needs could get up to $20,000 in the form of a Pell Grant. according to the Maine Beacon.

Eligibility in the United States

Across the country, the White House said there are more than 40 million people who are eligible for the Student Debt Relief plan. Close to 20 million borrowers could get all of the remaining debt discharged. Ninety percent of the relief money is for people earning a yearly income less than $75,000.

Pause during the Pandemic

In January, students will start repaying their federal loans again after a pause during the pandemic, according to WGME. Since March 2020, there’s been no interest charged to these loans. Interest starts again in January of 2023.

Applications Available in October

Applications for loan forgiveness are not yet available, but should be ready by October of this year. There is no cost to apply.

Got to the Finance Authority of Maine for More Info

To get more information about the Student Debt Relief plan, contact the Finance Authority of Maine at 1-(800) 288-3734. You can also go to their homepage for additional details.

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