Around 800,000 borrowers will have $39 billion in federal student loans discharged as a result.
that it will begin discharging student loan debts for borrowers who’ve been in repayment for 20-25 years under a one-time payment adjustment.President Biden said that the previously announcedwill become an even more important lifeline for struggling borrowers when repayments start in September.
"For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness," Miguel Cardona, US Secretary of Education, said in a press release. "Today, the Biden-Harris Administration is taking another historic step to right these wrongs and announcing $39 billion in debt relief for another 804,000 borrowers.
"The one-time adjustment hasn’t gotten the attention it deserves as it remedies decades of a broken system due to forbearance steering on behalf of loan servicers," Persis S. Yu, deputy executive director of Student Borrower Protection Center , told Yahoo Finance. "Millions of borrowers will benefit.", the education department announced the one-time payment adjustment for all Direct Loans and federally owned Federal Family Education Loans .
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