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.
For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness, Education Secretary Miguel Cardona said in a written statement.
There are currently several different kinds of income-driven repayment plans for borrowers with federal student loans, which base payments on a borrowers income and family size regardless of their total outstanding debt. After reaching a set forgiveness t…
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