The Department of Education is making more changes to the federal student loan system that will help bring millions of borrowers -- some of whom may have previously been in forbearance -- closer to receiving debt forgiveness.
These new actions, announced Tuesday, are the latest moves by the Biden administration to make it easier for federal student loan borrowers to receive forgiveness that they may already be entitled to under existing programs.By the end of March, more than 700,000 of the 43 million federal student loan borrowers had seen their outstanding debt discharged under President Joe Biden, totaling more than $17 billion in relief.
"Student loans were never meant to be a life sentence, but it's certainly felt that way for borrowers locked out of debt relief they're eligible for," said US Secretary of Education Miguel Cardona in a statement. Forbearance can be a quick and easy solution to help borrowers struggling to make their monthly loan payments to stay out of default. But sometimes it's better for borrowers to enroll in an IDR program instead. That way they can make a lower monthly payment while also getting credit toward forgiveness.
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