800K student-loan borrowers to soon get $39 billion in debt relief

After the Supreme Court struck down President Joe Biden's broad plan for student-loan forgiveness, his administration just announced a new form of relief for borrowers.it will be automatically canceling $39 billion in student debt for 804,000 borrowers as a result of changes to the department's income-driven repayment plans.

"At the start of this Administration, millions of borrowers had earned loan forgiveness but never received it. That's unacceptable," Under Secretary James Kvaal said in statement."Today we are holding up the bargain we offered borrowers who have completed decades of repayment." Any month when the borrower was in repayment status, regardless of whether the loans were partial or lateAny month in forbearance when borrowers were in forbearance for 36 or more cumulative monthsAnd any month spent in economic hardship or military deferment on or after January 1, 2013.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Biden administration will forgive $39 billion in student debtThe Biden administration reveals plan to forgive $39 billion in student debt for 804,000 borrowers
Source: BusinessInsider - 🏆 729. / 51 Read more »

Biden administration forgives $39 billion in student loan debt to more than 800,000 borrowersThe Biden administration announced Friday that it will provide $39 billion in automatic loan forgiveness for federal student loans.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Biden Announces $39 Billion Student Loan Forgiveness—800,000 Borrowers Could Lose DebtsThe Department of Education said lapses in its payment tracking system failed to account for some payments that would have pushed borrowers closer to a certain forgiveness date.
Source: Forbes - 🏆 394. / 53 Read more »

Biden administration announces $39 billion in student debt relief after Supreme Court strikes down last planBREAKING: More than 804,000 student loan borrowers will have their debt cleared in the coming weeks, eliminating more than $39 billion worth of payments due to a fix to income-driven repayment plans, the Biden administration has announced.
Source: dcexaminer - 🏆 6. / 94 Read more »

Student loan forgiveness victory as Biden cancels debt for 800K borrowersThe Biden administration will automatically forgive $39 billion in student debt for 804,000 borrowers.
Source: Newsweek - 🏆 468. / 52 Read more »