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Here’s how much student loan forgiveness has gone to NJ students

Student loan forgiveness has been a big topic in politics lately. Not just now, but over the past few years.

As we head toward the next presidential election in 2024, there appears to be even more of a push to forgive student loans. Whether you agree with it or not, quite a lot of money has so far been forgiven for graduates dealing with student loan debt.

According to the latest numbers from the U.S. Department of Education, the current administration has “approved debt cancellation for nearly 3.9 million hard-working Americans totaling almost $138 billion in relief.”

Now, does the current debt forgiveness fix the outrageous cost of higher education at a college or university? Certainly not.

In fact, until that very issue is addressed, students will continue to be weighed down by student loan debt. That or colleges and universities will eventually see a decrease in enrollment, much like how our trades are in need of more skilled workers now.

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Students graduating with student loan debt


Most and Least

As of the latest numbers from mid-February 2024, around 152,880 students have seen loan forgiveness through the Early SAVE (Saving on a Valuable Education) Forgiveness program.

In terms of states, Texas has seen the most students receive forgiveness under SAVE. Around 14,510 students in the Lone Star State saw $116.6 million of student loans wiped clean.

On the flip side, Wyoming saw the fewest students receive forgiveness under SAVE. Around 150 students had a total of $1 billion of student loan debt wiped clean.

Mini graduation mortar board cap on money — education cost or scholarship concept


New Jersey Numbers

As for New Jersey, the numbers are surprisingly low. At least, they are when compared to Texas.

For the Garden State, around 4,180 students have so far received relief through the SAVE program with loan forgiveness totaling around $35.3 million. That’s actually on the lower end overall when compared to all 50 states.

The only neighboring state that’s lower than us is Delaware, with about 650 students receiving aid totaling $5.3 million. Pennsylvania and New York, on the other hand, surpass New Jersey.

In Pennsylvania, around 5,600 students received relief totaling around $45.1 million. And in New York, around 8,190 students received relief totaling around $64.4 million.

Saving for education


You can find the full report of all 50 states, including a deeper analysis of the current student loan forgiveness numbers here.


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The above post reflects the thoughts and observations of New Jersey 101.5 Sunday morning host Mike Brant. Any opinions expressed are his own.

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