How Biden student loan forgiveness would impact Tennessee residents

One in 8 Tennesseans are waiting to hear if President Joe Biden will forgive some portion of federal student loan debt. 

How much debt the government would forgive per borrower is still up in the air — in May, the Washington Post reported that the White House was planning to forgive $10,000 per borrower.

Knox News spoke to higher education experts to learn who in Tennessee would benefit from a $10,000 loan forgiveness plan. 

Student loan debt:How soaring inflation is complicating Biden’s decision

How much?:Biden taking ‘hard look’ at student loan forgiveness, but less than $50,000

How much student loan debt does Tennessee have?

Graduates throw their caps in the air at the University of Tennessee at Knoxville spring graduation ceremony on May 20 at Thompson-Boling Arena. Many graduates are waiting to hear if the federal government will forgive some part of student loan debt. Borrowers in the state of Tennessee owe more than $31.4 billion.

According to federal data from December, Tennessee residents have $31.4 billion in student loan debt.

That’s about $2 billion higher than the average of $29 billion per state, according to data complied by the Education Data Initiative. 

Across the U.S., there’s a $1.606 trillion outstanding federal student loan balance. 

More than 43.4 million people have federal student loan debt, making it the second-highest consumer debt category after mortgages, according to the U.S. Department of Education’s Office of Federal Student Aid.

News Read More: How Biden student loan forgiveness would impact Tennessee residents

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