"Updates and Challenges in Student Loan Forgiveness and Repayment"

The Biden administration's IDR Account Adjustment initiative will result in accelerated student loan forgiveness for many borrowers. The Education Department has released new guidance that expands eligible loan periods that can count toward loan forgiveness, including Parent PLUS loans and recent default periods. Consolidation can also accelerate student loan forgiveness. The IDR Account Adjustment will be implemented automatically for borrowers with government-held federal student loans, and discharges are expected to begin later this year. House Republicans are moving forward with plans to repeal several Biden administration student loan forgiveness initiatives.