Biden administration announces student debt forgiveness for 804,000 federal borrowers—here's who qualifies

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The regulation stipulates that borrowers make 240 or 300 monthly payments to qualify for forgiveness. But those payments were notoriously tracked inaccurately, the Department of Education says, leaving the majority of borrowers unable to get the relief they worked so hard for. Any month they were in a repayment status regardless of loan and repayment plan type, and whether the payment was late or partialAny month they had loans in deferment prior to 2013Payment periods prior to a loan consolidation will also count toward forgiveness.The Department of Education says it will begin notifying borrowers today that they qualify for forgiveness. You don't need to take any further action if you're eligible.

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