The Biden administration says it will forgive $39 billion in student debt for more than 800,000 borrowers
After the Supreme Court struck down President Joe Biden's broad plan for student-loan forgiveness, his administration just announced a new form of relief for borrowers.it will be automatically canceling $39 billion in student debt for 804,000 borrowers as a result of changes to the department's income-driven repayment plans.
"At the start of this Administration, millions of borrowers had earned loan forgiveness but never received it. That's unacceptable," Under Secretary James Kvaal said in statement."Today we are holding up the bargain we offered borrowers who have completed decades of repayment." Any month when the borrower was in repayment status, regardless of whether the loans were partial or lateAny month in forbearance when borrowers were in forbearance for 36 or more cumulative monthsAnd any month spent in economic hardship or military deferment on or after January 1, 2013.
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