According to data obtained and reported by Politico, at least 1.12 million residents of New Jersey have sought for federal student loan forgiveness.
In response to a Freedom of Information Act request, the U.S. Department of Education provided Politico with ZIP code-specific data. Politico claimed that it included 23,6 million of the projected 25 million inquiries. ZIP codes with fewer than 100 applicants and requests without a ZIP code for the borrower were eliminated.
According to a study by NJ Advance Media of Politico’s national statistics, just over 20% of New Jersey’s 981 ZIP codes lacked sufficient data to be included.
It is unclear whether any of the 1.12 million New Jersey borrowers with college loans will receive debt forgiveness in the future. The federal student loan forgiveness programme of President Joe Biden is currently embroiled in legal disputes, with the U.S. Supreme Court scheduled to hear oral arguments later this month. A decision may not be made until the end of June.
The application period for forgiveness began on October 15 and was halted by court order on November 11.
The Department of Education informed Politico that not everyone who asked for loan forgiveness during that time period had their application examined, and it is probable that some of those who applied for forgiveness will be denied.
Under the proposed approach, qualifying borrowers might receive up to $10,000 in relief, or up to $20,000 with Pell Grants.
Borrowers who made payments during the COVID-19 delay are eligible to receive refund checks to bring their overall relief to the maximum amount allowed. Payments made prior to the COVID-19-related payment suspension will not be refunded to borrowers who currently owe less than their maximum benefit amount.
According to previously available data from the U.S. Department of Education, New Jersey residents owe more than $43 billion in federal student loans. The Jersey State has the nation’s twelfth highest loan burden.
Not all federal loan holders will be eligible for cancellation. The income threshold for debt relief is $125,000 for single persons and $250,000 for married couples.
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