Education

$39 billion in student loan relief for 804,000 people

From Inside Higher Ed: “The administration said in April 2022 that it would adjust accounts to give borrowers credit for payments and time spent in repayment. The adjustment is part of an effort to address failures in administering the income-driven repayment system ‘in which qualifying payments made under IDR plans that should have moved borrowers closer to forgiveness were not accounted for,’ the department said in a news release. This first group of borrowers who will see relief hold $39 billion in student loans and include those who have made enough payments over 20 to 25 years to see the rest of their balances wiped out. The department will continue to track borrowers who reach the forgiveness thresholds every two months until next year.”

View the full article from Inside Higher Ed.