WASHINGTON — Tens of thousands of Hawaii residents still paying off their student loans could find some welcome relief under a new plan from President Joe Biden to forgive billions of dollars in federal debt.

Biden announced Tuesday he will cancel up to $10,000 in student debt for borrowers earning less than $125,000.

Pell Grant recipients, who tend to come from lower income households, could see as much as $20,000 in debt forgiven.

Federal student loan data from the U.S. Department of Education shows there are around 121,700 borrowers in Hawaii who owe a combined $4.6 billion, which means the average debt burden is around $37,800.

More details for how borrowers can cancel their debt will be available in the coming weeks. In the meantime, the White House said borrowers can sign up for notifications at studentaid.gov/debtrelief.

 

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