DENVER (KDVR) — Over a third of Colorado’s federal student loan borrowers would be approved for loan forgiveness, according to a new report.
The White House released a count on Friday of the number of applications for student loan forgiveness it has received and approved.
President Joe Biden rolled out the plan for forgiveness giving borrowers up to $20,000 apiece for certain student borrowers of federal loans. Republicans challenged the plan saying it exceeded Biden’s authority as president, and the U.S. Supreme Court is set to make a decision early this year.
Student loan borrowers owe a total of $1.7 trillion, about $29 billion of which is among the borrowers in the state of Colorado.
In Colorado, 295,000 borrowers would be fully approved for the forgiveness plan.
California, Texas, New York and Florida had the nation’s highest numbers of borrowers who would be approved.
In most states, about two-thirds of those who applied or were automatically considered for loan forgiveness ended up being approved.
There are 787,000 federal student loan borrowers in Colorado, meaning about 37.5% of all its borrowers would be set for Biden’s approval plan if it were allowed.
States in the Midwest and northeast have higher proportions of student loan borrowers who would be fully approved for forgiveness, including Rhode Island, Vermont and Massachusetts. Wyoming, New Mexico and Oklahoma have the lowest rates.