Vice President Kamala Harris praised the administration's announcement as a “historic step” to alleviate student debt burdens. | Manuel Balce Ceneta/AP PhotoThe Biden administration announced on Friday that it would cancel $39 billion of student debt owed by more than 804,000 borrowers whose debts have been outstanding for more than 20 years.
“We will not stop there,” Vice President Kamala Harris said in a statement, praising the announcement as a “historic step” to alleviate student debt burdens. Those months of credit pushed the more than 804,000 borrowers to reach the threshold for loan forgiveness of 20 or 25 years, depending on the type of income-driven repayment plan.
The department has previously said that some 3.6 million borrowers would receive at least three years worth of credit toward loan forgiveness under the new one-time adjustment.Income-driven repayment programs promise borrowers the opportunity to have their debts erased entirely after they make payments for either 20 or 25 years, depending on the plan. But relatively few borrowers have received forgiveness under those plans.
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