Biden Administration to Forgive $39B in Student Debt, Providing Relief for Over 800K Borrowers
- 9 months ago
The U.S. Department of Education agreed to forgive $39 billion in student debt by updating a technical requirement under an existing program.
The change will benefit over 804,000 borrowers.
The Biden administration's decision to pursue alternatives to a $400 billion student loan forgiveness plan follows the Supreme Court's ruling against the broader plan in June, Bloomberg reports.
The revised student debt plan focuses on counting more payments towards the forgiveness program, allowing struggling borrowers to become eligible for forgiveness after making the equivalent of 20 - 25 years' worth of expenses.
The change will benefit over 804,000 borrowers.
The Biden administration's decision to pursue alternatives to a $400 billion student loan forgiveness plan follows the Supreme Court's ruling against the broader plan in June, Bloomberg reports.
The revised student debt plan focuses on counting more payments towards the forgiveness program, allowing struggling borrowers to become eligible for forgiveness after making the equivalent of 20 - 25 years' worth of expenses.