Education Student Loans News

"Education Dept. Sends Refunds to Student Loan Borrowers After Biden's Debt Cancellation"

The U.S. Department of Education is reviewing the accounts of borrowers who have been making payments on their federal student loans for a decade or more, and has already forgiven almost 3.9 million borrowers' education debt, totaling $138 billion in relief. Many borrowers are also receiving refunds, as the government is identifying those eligible for forgiveness under income-driven repayment plans and the Public Service Loan Forgiveness program. The refunds are being issued to borrowers who have made payments beyond the period at which they should have received forgiveness, due to confusing rules and lender mismanagement.