The Biden administration announced Friday that 804,000 borrowers will have their student debt wiped away, totaling $39 billion worth of debt, in the coming weeks due to fixes that more accurately count qualified monthly payments under existing income-driven repayment plans. Friday’s action addresses “historical failures” and administrative errors that miscounted qualifying payments made by borrowers, according to the Department of Education. Since Biden took office, his administration has approved $116.6 billion in student debt relief for more than 3.4 million Americans, according to the Department of Education. Biden at the time responded to the Supreme Court’s decision by pledging a “new path” forward on debt relief. We’ll use every tool at our disposal to get you the student debt relief you need, and reach your dreams.

Source: CNN July 14, 2023 15:11 UTC