Biden administration announces $39 billion in student loan forgiveness

allow forgiveness after making a certain number of monthly payments.

But the plans have drawn criticism over the years because of poor communication between the Education Department, loan servicers and borrowers. AAccording to the Education Department, Friday’s action “also addresses concerns about practices by loan servicers that put borrowers into forbearance in violation of Department rules.”In April 2022, the Education Department said it would offer a one-time adjustment to address any inaccurate payment counts.

“At the start of this Administration, millions of borrowers had earned loan forgiveness but never received it. That’s unacceptable,” Education Undersecretary James Kvaal said in a statement. “Today we are holding up the bargain we offered borrowers who have completed decades of repayment.” In coming days, qualifying borrowers who have met the necessary threshold for forgiveness will be notified. Types of loans covered include Direct Loans or Federal Family Education Loans held by the Education Department, including Parent PLUS loans.

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