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Biden Administration to Cancel $39 Billion in Student Debt for 800,000+ Borrowers

HeadlineJul 17, 2023

The Education Department said Friday it is canceling $39 billion in federal student debt for over 800,000 borrowers. The plan will benefit those enrolled in income-driven repayment plans who would or should have qualified for relief after making monthly payments for 20 or 25 years, but did not because of oversight, errors or shortcuts taken by loan servicers. The move, which has been in the works for at least the past year, comes two weeks after the Supreme Court struck down President Biden’s student debt plan that would have eliminated $400 billion in student loans for some 40 million people.

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