The announcement covers some borrowers who are already eligible for debt forgiveness under the law
Roughly 125,000 borrowers will have $9 billion in student debt cancelled, the Biden administration announced Wednesday.
Student-loan borrower advocates had called on the Biden administration to wipe debt off the books for borrowers who are already eligible for cancellation under the law before resuming repayment. They’ve said that would help alleviate some of the strain the return to repayment is putting on the student-loan system.
Part of groups already eligible for relief under the law The borrowers covered by Wednesday’s announcement are part of groups that were already entitled to debt cancellation under the law, but for years have struggled to access it due to paperwork and technicalities. Officials have faced pressure from advocates for years to smooth the path to relief for these borrowers.
In addition, the Department of Education has approved debt discharges totaling $2.8 billion for nearly 51,000 borrowers who made more than 20 years of payments on their loans, officials announced Wednesday. Consumer advocates and regulators said that was largely because servicers were steering borrowers towards forbearance — a status that pauses payments, but where the debt still accrues interest and borrowers don’t build credit toward forgiveness — instead of helping them sign up for these plans.
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