Millions are closer to student debt relief. On Monday, President Joe Biden announced a formal launch of the federal application for student loan forgiveness. People seeking to apply for relief can now fill out the form at studentaid.gov. A beta version of the website was launched on Friday. And eight million Americans applied. The department says it would take a few weeks to process the applications. More than one million New Jersey residents are eligible for income-based debt forgiveness of $10,000, rises to $20,000 for Pell Grant recipients. But there are legal challenges to the Biden administration’s efforts. Six Republican-led states have asked a federal judge to issue an injunction to block the debt-relief plan from taking effect.
The state is giving new support to the manufacturing industry. In Eatontown on Monday, Gov. Phil Murphy announced a $20 million pilot program to provide certain manufacturers around the state with grants they can use to upgrade their equipment. Some manufacturers can receive grants of up to $250,000. At the event on Monday, officials highlighted the importance of manufacturing to New Jersey’s economy and job market.
Meantime, the New Jersey Economic Development Authority has approved $10 million in grants to help revitalize commercial areas in both Newark and Atlantic City. Most of the funding for this pilot program, known as ART, will go towards building rehab and development, but 30% of the funds are earmarked to support the community arts, such as events or public art installations.
Finally, New Jersey’s revenue collections rose again in September. So far this year, the state has collected $8.4 billion in revenue – a 14% increase over the same period a year ago.
