As Pennsylvania higher education institutions face a shortage of students, their former students will disproportionately benefit from student loan forgiveness.
A research brief from the Independent Fiscal Office estimates that almost 2 million Pennsylvania borrowers hold $69 billion student loan debt, and $21 billion would be forgiven. Another $1.8 billion would be forgiven through the expansion of the income-driven repayment program.
The commonwealth stands out in having more student debt than other states. Pennsylvania ranks 6th in total loan balances, the report noted, and 21st in average balance ($35,300).