August 22, 2023
The Biden Administration is forgiving $39 billion in federal student loan debt for an estimated 804,000 borrowers.
This is the result of an effort to fix past mistakes in the income-driven repayment-plan system.
The $39 billion is mainly going to people who have been paying for more than 20 years, but other borrowers could now see forgiveness sooner than anticipated.
The Department of Education is forgiving $39 billion in student loan debt, and even more relief could be on the way.