Big Win for Borrowers: Over 800,000 Students Receive Loan Forgiveness!

Over 804,000 federal student loan borrowers are about to receive a pleasant surprise.

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The upcoming debt forgiveness is a result of the Biden administration's response to years of complaints, legal actions, and an extensive NPR investigation.

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Due to mismanagement by the department and loan servicer, many eligible long-time borrowers did not receive loan forgiveness under the government's income-driven repayment plans (IDR).

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U.S. Secretary of Education Miguel Cardona highlighted the flaws in the system that failed to track borrowers' progress towards forgiveness in a recent press release.

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This action will eliminate a staggering $39 billion in federal student loan debt.

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Borrowers, Advocates, and Journalists have been raising concerns for years about these failures in income-driven repayment plans (IDR).

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The extensive review of borrower accounts is not yet finished and will continue throughout 2024.

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Friday's $39 billion injection significantly strengthens the Biden administration's previous efforts in providing debt relief, bringing the total amount to at least $116 billion.

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