Fact Sheet | September 8, 2022

How the Student Loan Forgiveness Plan Impacts Michiganders

On August 24, 2022, President Biden announced that his administration would be cancelling $10,000 – $20,000 of student debt for middle- and lower-income borrowers. Naturally, this announcement has unleashed a wave of follow-up questions among borrowers. This fact sheet is intended to help Michiganders with student loans navigate the process of determining their eligibility and understanding the program.