813,000 student-loan borrowers are now getting emails that their loans are wiped out following Biden's recent reforms

[Eugene]

Source: Insider

813,000 student-loan borrowers are now getting emails that their loans are wiped out following Biden's recent reforms

Ayelet Sheffey
Tue, November 28, 2023 at 2:55 PM EST·3 min read

• The White House said 813,000 student-loan borrowers are getting emails their loans have been wiped out.
• It's a result of account adjustments to ensure all borrowers' payments are accounted for.
• This relief comes just months after borrowers resumed federal payments after the pandemic pause.

Check your email: thousands more student-loan borrowers are starting to receive notices that their balances have been reduced to zero.

On Tuesday, the White House announced that about 813,000 borrowers will start to receive an email from President Joe Biden informing them that their loans have been forgiven due to the Education Department's one-time account adjustment to evaluate which borrowers have met the qualifying payment threshold on their repayment plan.

A White House official said that the ongoing relief borrowers are seeing comes on the heels of many borrowers not getting proper credit toward payments made on income-driven repayment plans, which are intended to give borrowers payments based on their income with the promise of forgiveness after 20 or 25 years.

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Read more: https://news.yahoo.com/813-000-student-loan-borrowers-195528068.html