Biden administration forgives $39 billion in student debt for more than 800,000 borrowers
The Biden administration announced it would automatically cancel the education debt for 804,000 borrowers, for a total of $39 billion in relief.
The debt cancellation is a result of the administration’s fixes to repayment plans, which included updated counts of borrowers’ payments.
The Biden administration announced on Friday it would automatically forgive $39 billion in student debt for 804,000 borrowers.
The relief is a result of fixes to the student loan system’s income-driven repayment plans. Under those repayment plans, borrowers get any remaining debt cancelled by the government after they have made payments for 20 years or 25 years, depending on when they borrowed, their loan and plan type.
https://www.cnbc.com/2023/07/14/biden-forgives-39-billion-in-student-debt-for-some-800000-borrowers.html