15,000 Happy Coloradans Had Their Student Debt Cleared; How Much Did it Cost?
There's been a lot of talk, a lot of arguing, and a lot of politics regarding people having their student loans forgiven. Did you hear about the Coloradans shocked to see a "zero balance"?
Nobody likes to carry a debt of any kind, but when it comes to the massive student debt that folks, including many Coloradans, have, it has seemed unsurmountable.
In late summer of 2023, 15,000 people in Colorado were given the "gift" of no longer having any student loan debt.
I have a friend who has carried what some would call "an astronomical" amount of student debt. He called me the other night to spread the good news: His nearly $100,000 student loan balance had been wiped clean.
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I can't imagine the relief that my friend, and all the other Coloradans who had their student debt forgiven, must be feeling. Dark clouds lifting, the weight of the world coming off their shoulders, years of frustration melting away.
HOW DID COLORADANS HAVE THEIR STUDENT DEBT FORGIVEN?
It's all a part of the Biden-Harris administration using $39 billion to help over 800,000 borrowers who have been paying on their student loans for at least 20 years.
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Through the years, the Department of Education has failed to keep accurate track of loans being paid upon, so they've decided to give these long-term carriers of debt the relief to mend those mistakes.
HOW MUCH DID IT COST TO HAVE COLORADO'S STUDENT DEBT CLEARED?
According to information from the Department of Education, just over 15,000 Coloradans have been or soon will be, delighted when they log into their account to find that they no longer owe anything.
The cost: $805,400,000.