The Biden administration has announced a $39 billion student loan forgiveness plan for 804,000 borrowers as part of fixes in “administrative failures” that had held up relief for borrowers under their income-driven repayment (IDR) 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,” U.S. Secretary of Education Miguel Cardona said in a statement. “Today, the Biden-Harris Administration is taking another historic step to right these wrongs and announcing $39 billion in debt relief for another 804,000 borrowers.
