Borrowers will be eligible for forgiveness if they have made either 20 or 25 years of monthly income-driven repayment plans.
will cancel $39 billion in student debt for more than 804,000 borrowers, the Education Department said on Friday, July 14, describing the relief as the result of a “fix” to income-driven repayment plans.
“These borrowers will join the millions of people that my administration has provided relief to over the past two years – resulting in over $116 billion in loan relief to over 3 million borrowers under my administration,” Biden said in a statement. “For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” Secretary of Education Miguel Cardona said.
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