6,900 Guam residents eligible for $20K in student debt relief
By Pacific Island Times News Staff
About 6,900 federal loan borrowers on Guam are eligible for the federal government's Student Debt Relief Plan.
The U.S. Department of Education is expected to make the application for debt relief available and begin contacting eligible borrowers directly.
“This is welcome news for thousands of Guam’s higher education students and graduates who will receive life-changing relief, including 4,500 island residents who are eligible for $20,000 in debt relief and 3,300 who will have their federal student loans completely forgiven,” said acting Gov. Josh Tenorio.
In August, the Biden administration announced its plan to cancel up to $20,000 in student debt per eligible borrower.
The Student Debt Relief Plan is designed to 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.
“Student debt relief will not only impact the lives of borrowers, but their families and communities as well,” Tenorio said. “It will give people more breathing room, help renters pursue the dream of homeownership, empower parents saddled with debt to provide a better life for their children, and build on our efforts to support our middle class.”