The Biden administration recently announced its intention to forgive approximately $1.2 billion in student loan debt for more than 150,000 borrowers, as part of President Biden’s Saving on a Valuable Education (SAVE) initiative.
Among these borrowers are several thousand individuals residing in Tennessee.
Tennessee & Statewide Student Loan Forgiveness
On February 21, the US Department of Education announced the loan cancellations. Subsequently, on February 23, it released a breakdown of the forgiven loan amounts for each state and territory in the United States.
In Tennessee, 3,340 borrowers are having $25.7 million in student loans forgiven.
The states with the highest amounts of loans being forgiven are Texas, California, and Florida.
In Texas, 14,510 individuals are having $116.6 million in student loans canceled.
In California, these figures are 13,580 borrowers and $114.8 million forgiven; while in Florida, 12,790 borrowers are seeing $105.4 million in student loans forgiven.
Servicers commenced processing forgiveness claims on February 21.
Here’s a comprehensive breakdown of borrower numbers and forgiven amounts per state:
- Alabama: 2,550 borrowers, $20.8 million
- Alaska: 190 borrowers, $1.4 million
- Arizona: 3,990 borrowers, $33.0 million
- Arkansas: 1,190 borrowers, $8.7 million
- California: 13,580 borrowers, $114.8 million
- Colorado: 2,530 borrowers, $19.8 million
- Connecticut: 1,600 borrowers, $13.7 million
- Delaware: 650 borrowers, $5.3 million
- District of Columbia: 350 borrowers, $2.9 million
- Florida: 12,790 borrowers, $105.4 million
- Georgia: 6,050 borrowers, $49.7 million
- Hawaii: 280 borrowers, $1.9 million
- Idaho: 1,130 borrowers, $9.2 million
- Illinois: 5,560 borrowers, $43.8 million
- Indiana: 3,330 borrowers, $26 million
- Iowa: 2,120 borrowers, $17.3 million
- Kansas: 1,270 borrowers, $9.9 million
- Kentucky: 2,110 borrowers, $16.1 million
- Louisiana: 2,160 borrowers, $16.3 million
- Maine: 700 borrowers, $5.3 million
- Maryland: 2,680 borrowers, $22.7 million
- Massachusetts: 2,490 borrowers, $19.5 million
- Michigan: 6,040 borrowers, $47.0 million
- Minnesota: 2,060 borrowers, $14.5 million
- Mississippi: 1,790 borrowers, $13.3 million
- Missouri: 2,780 borrowers, $22.4 million
- Montana: 300 borrowers, $2.2 million
- Nebraska: 750 borrowers, $5.3 million
- Nevada: 1,650 borrowers, $13.9 million
- New Hampshire: 490 borrowers, $3.6 million
- New Jersey: 4,180 borrowers, $35.3 million
- New Mexico: 860 borrowers, $6.8 million
- New York: 8,190 borrowers, $63.4 million
- North Carolina: 4,170 borrowers, $33.3 million
- North Dakota: 220 borrowers, $1.6 million
- Ohio: 7,540 borrowers, $60 million
- Oklahoma: 1,690 borrowers, $12.9 million
- Oregon: 2,220 borrowers, $17.4 million
- Pennsylvania: 5,600 borrowers, $45.1 million
- Puerto Rico: 1,060 borrowers, $6.1 million
- Rhode Island: 450 borrowers, $3.4 million
- South Carolina: 2,520 borrowers, $20.6 million
- South Dakota: 270 borrowers, $1.9 million
- Tennessee: 3,340 borrowers, $25.7 million
- Texas: 14,510 borrowers, $116.6 million
- Utah: 850 borrowers, $5.8 million
- Vermont: 190 borrowers, $1.3 million
- Virginia: 3,040 borrowers, $24.6 million
- Washington: 2,630 borrowers, $20.1 million
- West Virginia: 1,070 borrowers, $8.8 million
- Wisconsin: 1,990 borrowers, $13.8 million
- Wyoming: 150 borrowers, $1 million
- All Other Locations: 990 borrowers, $7.4 million
Student Loan Forgiveness Eligibility
The numerous eligible borrowers were required to satisfy certain criteria. To qualify, they needed to be participants in the Biden administration’s SAVE program and have been in repayment for a minimum of 10 years on a federal student loan amounting to $12,000 or less.
This recent action brings the cumulative approved amount of debt cancellation by Biden to $138 billion for nearly 4 million Americans.
Upon the announcement of the cancellations by the education department on February 21, it stated its intention to systematically identify and cancel the federal loans of qualifying borrowers “on a regular basis.”
