381,000 Louisianians applied for and were approved for Biden's student debt forgiveness in the four week's the application was open last Fall (Photo by Anna Moneymaker/Getty Images)
Out of more than 600,000 Louisianians identified as qualified for Biden’s student loan forgiveness, 381,000 applied and were approved before a federal court case forced the administration to take the application down.
“These borrowers could be benefitting from the Administration’s program right now were it not for lawsuits brought by elected officials and special interests,” a White House press release said.
Of those Louisiana applications approved, 242,000 were sent to loan servicers to discharge the debt.
To be eligible for debt forgiveness, borrowers need to earn less than $125,000 per year, or $250,000 for a couple. According to the U.S. Census Bureau, the median household income in Louisiana is about $50,000.
According to a fact sheet the Biden administration, released 26 million borrowers were approved for forgiveness nationwide in the four weeks the application was live last fall. Nearly 90% of approved borrowers who have left school earn less than $75,000.
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