US Government Announces Nearly $5 Billion in Additional Student Loan Forgiveness.
The Biden-Harris administration to forgive $4.8 billion in student loan debt for 80,300 borrowers
Student loan forgiveness is a result of the US Department of Education with its income-driven repayment plans.
Reforms in the US Department of Education's Public Service Loan Forgiveness Program are also a result of this forgiveness.
“This level of debt relief is unprecedented and we have no intention of slowing down,” U.S. Education Secretary Miguel Cardona said.
The US Education Secretary said the government is making massive payments to fix the broken student loan system.
According to Miguel, it was previously nearly impossible for eligible borrowers to access the student loan relief they earned.
The New Debt relief approvals are in These 2 categories.
Category 1- $2.2 billion for nearly 46,000 borrowers through fixes to IDR
Category 2- $2.6 billion for 34,400 borrowers through Public Service Loan Forgiveness (PSLF).
So far, the US government has approved loan waiver worth $132 billion to more than 36 lakh borrowers.
Big update regarding fed direct parent plus loan. Know the Latest parent plus loan eligibility requirements.