"Biden-Harris Administration Forgives $39 Billion in Student Debt for 800,000 Borrowers"

The Biden-Harris Administration will automatically forgive $39 billion in federal student loans for over 804,000 borrowers as a result of fixes made to income-driven repayment plans. This brings the total student loan forgiveness approved by the administration to over $116.6 billion for more than 3.4 million borrowers. The fixes address historical failures in accurately counting qualifying payments made under income-driven repayment plans, ensuring borrowers receive the forgiveness they deserve. The Department of Education will continue to identify and notify eligible borrowers every two months until next year. Additionally, the administration has implemented the Saving on a Valuable Education (SAVE) plan, which offers more affordable payment options for borrowers going forward.