The Department of Education on Friday will forgive the debts of 804,000 people, an effort to fix what it calls "administrative failures."The Department of Education on Friday will forgive the debts of 804,000 people, an effort to fix what it calls "administrative failures" that denied student loan borrowers relief they were eligible for under their repayment plans.
"For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness," Education Secretary Miguel Cardona said in a statement Friday. Friday's debt relief for over 800,000 people acknowledges that the second part of the plan -- cancellation -- often isn't happening, an issue that has also been well-documented by government watchdogs.
In total, the fixes to the income-driven repayment plans being made by the Department of Education on Friday will result in $39 billion of automatic debt relief. "At the start of this Administration, millions of borrowers had earned loan forgiveness but never received it. That's unacceptable," Department of Education Under Secretary James Kvaal said in a statement on Friday.The debt relief announced Friday is part of a wave of fixes to programs that weren't holding up their end of the deal.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
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.
To fix program errors, Education Department to forgive student loan debts of 800,000 borrowersThe Department of Education will forgive the debts of 804,000 people, an effort to fix what it calls 'administrative failures' that denied student loan borrowers relief they were eligible for under their repayment plans.
Source: ABC - 🏆 471. / 51 Read more »
Education Department announces student loan forgiveness for 800,000 borrowersThe action is a result of what the department calls a “fix” to income-driven repayment plans. It’s expected to provide $39 billion in federal student loan forgiveness.
Source: KPRC2 - 🏆 80. / 68 Read more »
Education Department announces student loan forgiveness for 800,000 borrowersThe Education Dept. is automatically forgiving student loans for more than 800,000 borrowers. The action is a result of what the department calls a “fix” to income-driven repayment plans. It's expected to total $39B in federal student loan forgiveness.
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »
Education Department announces student loan forgiveness for 800K borrowersThe action is a result of what the department calls a “fix” to income-driven repayment plans. It’s expected to provide $39 billion in federal student loan forgiveness.
Source: NBCNews - 🏆 10. / 86 Read more »
Biden admin to forgive $39 billion in student loan debt for 800,000 borrowers. Here's what to know.More than 800,000 borrowers with $39 billion in federal student loans will get their debt forgiven, the Biden administration said on Friday.
Source: KPIXtv - 🏆 443. / 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 »