TOLEDO, Ohio (WTVG) – Lately the issue of eliminating federal student debt has escalated. President Joe Biden is in favor of forgiving about $ 10,000 in debt, although some members of Congress want him to sign an executive order raising that number to $ 50,000.
Student loan cancellation, if it occurs, could have a major effect in Northwestern Ohio. Ohio is the state with the highest number of indebted student loan borrowers per capita, according to EducationData.org.
“I might have another 10 to 15 years to pay off my student loans. I could be close to retirement when my student loans are 100% paid off. I can’t think of buying a house that I actually own, I can’t think of saving for retirement. I can’t go on vacation, ”says borrower Stephanie Hunker.
Ohio is home to 1.7 million student loan borrowers who owe a total of $ 60 billion in loans, or about 14% of the population, according to Education Data.
This works out to an average of about $ 34,600 per borrower. This means that forgiveness of $ 50,000 for each borrower would free many Ohioans from student debt, which would have a ripple effect on the local economy.
“The average starting salary for people in Toledo is around $ 40,000 per year outside of university, which is why many university graduates cannot return to Toledo because they would be paid more. if they move elsewhere, and they have to maintain them. the student loan debts they have. They want to pay them back, but they can’t do it if they go back to Toledo, so student loans like this are killing Toledo, ”says lawyer Scott Ciolek, who specializes in student loans.
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