President Biden’s student loan debt relief proposal may have only a modest impact on the average Illinoisan’s debt burden.
Biden is proposing forgiveness of up to $10,000 of student loan debt for people making $125,000 a year or less, and $20,000 of forgiveness for borrowers who got Pell grants. But Crain’s Chicago Business reports Illinoisans who have student loan debt owe, on average, more than $38,000. The debt load is higher for older borrowers… with an average of more than $50,000 each for those between the ages of 50 and 61.
U.S. Senator Dick Durbin says Biden’s plan delivers on a campaign promise and will help lower-income families start to eliminate their debt.
