The Biden administration is canceling student loan debt for 804,000 borrowers who qualify under income-driven repayment plans but haven't received it because of errors
will receive emails from their servicers with the subject line "Your student loans have been forgiven."the Biden administration's previously announced efforts to cancel debt for 804,000 borrowers
The relief is targeted at people who enrolled in income-driven repayment plans, which allow student loan debts to be forgiven by the federal government once payments have been made for 20 or 25 years, depending on the plan. There is also the potential for lawsuits to interrupt the debt discharges, though a recent suit filed by the New Civil Liberties Alliance on behalf of the Cato Institute and the Mackinac Center for Public Policy, arguing that the Department of Education is going beyond its authority, was recently dismissed by a U.S. district court judge in Michigan.
In total, the fixes to the IDR plans being made by the Department of Education will result in $39 billion of automatic debt relief, ABC News previously reported."The Biden Administration kept its latest promise to 800,000 people who were repeatedly failed by the broken student loan system. For these borrowers, the prospect of delayed justice will be life changing," said Persis Yu, deputy executive director and managing counsel for the Student Borrower Protection Center.
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