2022-04-20 01:31:01
Biden admin to cancel student debt for 40,000 borrowersThe Department of Education plans to address "long-standing" and "inexcusable failures" in federal student loan programs, including the review of income-driven repayment (IDR) plans and ending "forbearance steering" practices that harm the borrowers.
"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," a statement read.
The changes could result in immediate student debt cancellation of at least 40,000 borrowers under the Public Service Loan Forgiveness Program, and thousands more will become eligible for loan discharge under IDR.
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