Biden’s Administration Approves $5 Billion in Student-Debt Relief for 74,000 Borrowers
President Joe Biden’s administration has approved $5 billion in student-debt relief for 74,000 borrowers. The relief is targeted at public servants and those on income-driven repayment who have fulfilled the qualifying payment requirements. This new round of debt relief builds onto the administration’s ongoing efforts to fix the repayment system and provide relief to borrowers. The Education Department continues to evaluate borrowers’ accounts to determine eligibility for loan forgiveness. Challenges with repayment, such as delayed billing statements, are being addressed through an accountability framework. The government remains committed to providing debt relief to borrowers and has no plans of slowing down its efforts.
