The Department of Education has begun forgiving $39 billion in federal student loans for over 800,000 borrowers
has begun student loan forgiveness for over 800,000 borrowers with $39 billion in federal student loans.
The department is issuing a one-time loan forgiveness for borrowers who have paid into income-driven repayment plans for 20-25 years. However, there were some errors in tracking payments that did not recognize many borrowers’ loan end dates and had them continue to pay past those dates. These 804,000 borrowers “never got the credit they earned and never saw the forgiveness they were promised – even after making payments for decades,”
Eligible borrowers are receiving email notifications from their loan servicers over the next few weeks to months.This measure does not, however, replace the Biden administration’s sweeping plan to wipe out up to $20,000 for federal student loan borrowers. The
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