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Biden Admin Announces Student Loan Forgiveness for 804,000 Borrowers via $39 Billion 'Fix'

Posted on AllSides July 14th, 2023

The Biden administration is now going to forgive $39 billion in federal student loans for over 800,000 borrowers. The Department of Education made the announcement in a Friday news release. The department said the forthcoming discharges are a result of “fixes” made by the Biden administration to “ensure all borrowers have an accurate count of the number of monthly payments that qualify toward forgiveness under income-driven repayment (IDR) plans.” IDR plans are designed to make student loan debt more manageable by determining monthly payments based on the borrower’s income and...

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