Florida borrowers owe $98.3 billion in federal private school loans, data shows
ORLANDO, Florida. – Florida ranks 10th in the United States for the highest federal and private student loan debt among borrowers, according to data from Lending Tree.
The state owes a total of $98.3 billion in federal and private student loans. With 2.6 million borrowers, an individual’s average balance is $35,496, according to the data.
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President Joe Biden has considered broader student debt cancellation, and the Biden administration proposed new rules on July 6 that would make it easier for borrowers to get their debt canceled under existing programs.
This proposal would facilitate the process of debt cancellation, as relief programs have been criticized for their long processing times and heavy paperwork.
“We are committed to fixing a broken system,” Education Secretary Miguel Cardona said in a statement. “If a borrower qualifies for student loan relief, they shouldn’t need mountains of paperwork or a law degree to get it.”
The administration has frozen student loan payments in 2020, and it has been extended until August 31. Interest rates remain at 0% during this period.
Florida offers many grants and scholarships such as the Florida Bright Futures Scholarship Program, First Generation Matchmaking Program, and Mary McLeod Bethune Scholarship.
According to Campus Reel, 446 scholarships are available for Florida residents.
Although there are federal options, there are only two Florida-specific loan repayment programs that can lead to forgiveness, according to Lending Tree.
But these two programs are specific to nurses and lawyers. These are the Nursing Student Loan Forgiveness Program and the Florida Bar Foundation Loan Repayment Assistance Program.
Eight counties in central Florida are among the 21 most populous counties in the state. Here are the average student loan balances by county, according to the loan tree:
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