"Biden administration grants $39 billion student debt relief to over 800,000 borrowers"

The Biden administration announced that $39 billion in student debt will be forgiven for 804,000 borrowers in the coming weeks due to fixes in the counting of qualified monthly payments under existing income-driven repayment plans. This action addresses past administrative failures and errors that miscounted qualifying payments. Since taking office, President Biden's administration has approved $116.6 billion in student debt relief for over 3.4 million Americans. Despite legal challenges and criticism from Republicans, the administration continues to pursue avenues for debt cancellation and easier loan forgiveness. The Department of Education is also implementing a new income-driven repayment plan called SAVE, which will cut monthly bills in half and cancel remaining debt after 10 years of payments.