The Biden administration announced Friday that it will erase a total of $39 billion in student loan debt for 804,000 borrowers. The act is the result of fixes to the federal student loan system’s income-driven repayment plans, which cancel certain borrowers’ debt if they make payments for 20 or 25 years. AdvertisementIn the past, failures in the program resulted in qualified payments not being counted towards forgiveness, the administration said. People demonstrate outside the Supreme Court in June against student loan debt. via Associated Press“At the start of this Administration, millions of borrowers had earned loan forgiveness but never received it.

Source: Huffington Post July 15, 2023 01:42 UTC