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Student Loan Cancellation
Student Loan Cancellation
Big News! The Biden administration announced that over $5 billion in student loan debt will be forgiven. This is good news for those enrolled in the Public Service Loan Forgiveness and income-driven repayment forgiveness programs. Education Secretary Miguel Cardona shared some good news regarding student debt relief. He said that before President Joe Biden-Harris took office, it was challenging for eligible borrowers to receive adequate assistance. But now things are changing for the better, and more people are getting the help they need with their student loans.
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The Department of Education’s efforts have increased total student loan reductions to $132 billion for approximately 3.6 million students. This relief is targeted at two groups of people.
These include 4,444 people who have repaid their student loans for at least 20 years under income-based repayment plans and those who are participating in the Public Service Loan Forgiveness Program.
Despite the Supreme Court’s decision in August to halt a wide-ranging student loan forgiveness program, the administration is still seeking solutions to the student debt crisis. The affected borrowers were emailed in November about this recent cancellation.
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