The automatic discharge of federal student loans has been announced by the U.S. Department of Education. More than 804,000 borrowers will receive notifications about the forthcoming discharge of $39 billion in student loan debt. U.S. Secretary of Education Miguel Cardona has expressed the administration’s dedication to correcting past mistakes and offering debt relief. The Department of Education credits the implementation of fixes by the Biden-Harris Administration for accurately monitoring borrowers’ advancement towards forgiveness through income-driven repayment plans. The objective of this action is to rectify the shortcomings of the previous system and ensure equitable treatment for individuals pursuing higher education.
$39 Billion Student Loan Debt is to be Forgiven
