Here’s How Mainers Stand To Benefit From Student Loan Forgiveness.
The Biden Administration recently announced a proposal to forgive up to $20,000 of federal student loans for graduates across the country.
That proposal would affect thousands of Maine students making less than $125,000 as an individual or $250,000 as a married couple.
This much needed assistance bolsters existing state-specific loan forgiveness programs that Maine’s lawmakers have already enacted for certain qualified graduates. Among them are teachers certified by the Maine Department of Education, certain Maine health professionals, and some students who choose to live in Maine upon graduation.
Reducing the strain that excessive student debt puts on our state’s economy has been an ongoing effort by Maine’s legislators. Earlier this year, Senator Chip Curry proposed “An Act To Promote Home Ownership by Reducing Education Debt” – a bill designed to forgive up to $40,000 of loans for first time home buyers. The Maine Senate approved the legislation and sent it to the House of Representatives for consideration.
There is no doubt that more work needs to be done to solve this issue. Every person should have the opportunity to attain higher education without experiencing the crushing weight of student debt. Mainers For Working Families applauds our leaders for continuing to work towards providing more relief to Maine’s graduates.