WASHINGTON, July 14 - U.S. President Joe Biden's administration will cancel $39 billion in student debt for more than 804,000 borrowers, the Education Department said on Friday, describing the relief as the result of a "fix" to income-driven repayment plans.
The department said the relief addresses what it described as "historical inaccuracies" in the count of payments that qualify toward forgiveness under IDR plans. Friday's relatively smaller relief falls under a separate, payment count adjustment program that the Biden administration announced in April last year, the department said.
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