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

August 31, 2022
Biden Student LoansBiden Student LoansEvan Vucci/AP
President Joe Biden's announced student loan forgiveness program fulfills a campaign promise he made.

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.