855,000 Borrowers Will Receive Student Loan Forgiveness After Latest Group Approved

The Biden administration has approved student loan forgiveness for a new group of borrowers under a temporary initiative designed to remedy past problems with income-driven repayment plans. New data released by the Education Department this week indicates that hundreds of thousands of borrowers have, or will, receive relief under the program. And more loan forgiveness is likely on the way.

“For years, millions of eligible borrowers were unable to access the student debt relief they qualified for, but that’s all changed thanks to President Biden and this Administration’s relentless efforts to fix the broken student loan system,” said U.S. Secretary of Education Miguel Cardona in a statement on Wednesday. “Today’s announcement builds on everything our administration has already done to protect students from unaffordable debt, make repayment more affordable, and ensure that investments in higher education pay off for students and working families.”