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Biden’s student loan forgiveness plan could affect 700,000 Coloradans

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Biden Student Loans
Evan Vucci/AP
President Joe Biden speaks about student loan debt forgiveness in the Roosevelt Room of the White House, Wednesday, Aug. 24, 2022, in Washington. Education Secretary Miguel Cardona listens at right.

The Biden Administration announced a plan to forgive $10,000 of federal student loans for borrowers making less than $125,000 a year and $20,000 for students who received Pell Grants. This could affect more than 700,000 borrowers in the state, where the average debt load is $36,000. However, the degree of impact will vary for borrowers of color. Jason Gonzales wrote about this for Chalkbeat Colorado and spoke with Colorado Matters about it.