New data from Student Loan Hero shows that almost 59,000 Mainers would be debt-free if President Biden goes ahead with his plan to cancel $10,000 of debt for every borrower.
According to the new data, ME borrowers owe a cumulative $6.6 billion in federal and private debt, the 34th highest in the U.S despite being bottom 10 in population. If every borrower had $10,000 taken from their debt, 32.9% of borrowers would have their entire debt portfolio eliminated.
In the Pine Tree State alone, there are approximately 200k residents juggling an average balance of $31,801, with monthly payments totaling $263.
President Biden’s proposed student debt forgiveness is likely to be announced anytime between the middle of July and the end of August. Biden is likely to forgive $10,000 per borrower but reports from White House aides say the number could be closer to 25k per borrower.
