The Department of Education has launched a new program that could reduce the student loan burden for up to 3.6 million borrowers—and forgive the loans of more than 40,000 Americans. Here's what to know:
Biden’s Student Loan Forgiveness Plan Is Stalled, But There's Another Way to Get Your Debt Erasedfor 40 million Americans is stalled—ensnared in conservative legal challenges that could block debt relief for months, or even for good.
Here’s what to know about the student loan review that the Education Department is conducting, and how to know if you might qualify.The new program focuses on borrowers whose loans were put into forbearance. Forbearance pauses monthly student loan payments, but those loans still accrue interest, starkly increasing the amount borrowers owe.nearly 5.
Borrowers who have had 12 consecutive or 36 cumulative months in forbearance will also have that time added to their payment tally. Borrowers can call their servicers to verify whether they are currently enrolled in income-based repayment, or eligible for it—but no action needs to be taken for borrowers to receive the account adjustment as long as they have a direct loan, meaning their loan is managed by the Department of Education.
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