COLUMBUS, Ohio (COLUMBUS BUSINESS FIRST) — President Joe Biden’s decision to cancel at least $10,000 in student loan debt for borrowers earning under $125,000 could have a billion-dollar impact — or more — on the nearly 400,000 people who have student loan debt outstanding from Central Ohio colleges.

Borrowers from Central Ohio colleges such as Ohio State University, Columbus State Community College and eight of the area’s private colleges including Otterbein and Denison universities have amassed more than $8.6 billion in outstanding federal student loan debt, according to a Columbus Business First analysis of federal College Scorecard data.

That includes $1.3 billion in federal parent and graduate “PLUS” loans, which are also included in forgiveness but have slightly different rules than direct federal loans, which make up the largest chunk of the portfolio.

It’s unclear exactly how much of the $8.6 billion portfolio will be wiped out by the Biden administration’s action, but local higher education officials said the action is significant.

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