Student debt is a crippling challenge with borrowers owing a staggering nationwide. In 海角换妻, residents hold an estimated of that share, according to the Education Data Initiative.
Borrowers burdened by the challenges of high student loan debt could find relief through a new $6 million state program launched Jan. 1. The program could help a small number of those residents get up to $5,000 a year, for up to four years.
As of Jan. 2, the state already received 345 applications through the online database, according to a statement from the 海角换妻 Office of Higher Education.
The state assistance, which is backed by national dollars, comes as hangs in the balance. President Joe Biden鈥檚 continued student loan promises and the White House has begun , weeks before president-elect Donald Trump will take office.
海角换妻 lawmakers approved the new reimbursement program during the 2024 legislative session. American Rescue Plan Act (ARPA) money, which had to be assigned by the end December, to fund it. The program will run as long as the $6 million in funding is available.
State officials applications are being accepted on a first-come-first-serve basis. In a statement, the 海角换妻 Office of Higher Education said it 鈥渉as responded to hundreds of emails from potential applicants with questions regarding eligibility requirements and navigating the electronic application portal.鈥� Here鈥檚 what to know.
How to qualify: residency, service and more
Borrowers must be current 海角换妻 residents, and have lived in the state for at least five consecutive years. Eligible people must also have attended a university or college in the state, and hold either an associate or bachelor鈥檚 degree from that school, professional license or have left with good academic standing.
Single applicants must have in 2023. Married applicants can鈥檛 have a gross income of over $175,000.
There鈥檚 also a service component: eligible borrowers must have proof of at a 海角换妻 non-profit in 2024. That includes military service, municipal government work or serving on a nonprofit鈥檚 board of directors.
Learn more
The program begins less than a month after 海角换妻 appointed a long-anticipated student loan ombudsperson to help borrowers in the state.
Applications for reimbursement program can be filed .
