More than 800,000 student loan borrowers are getting billions of dollars in debt forgiveness this week

This week, more than 800,000 student loan borrowers with billions of dollars in debt will start to have their loans discharged.forgive student loans for 804,000 borrowers

with a combined $39 billion in federal student loan debt. These borrowers have been in income-driven repayment plans for more than 20 years and"never got the credit they earned" under IDR plans, the White House said in a statement "Hundreds of thousands of borrowers weren't accurately getting credit for student loan payments that should have delivered them forgiveness under income-driven repayment plans," President Joe Biden said in the statement.

Student loan borrowers enrolled in an IDR plan should technically be eligible for forgiveness after making either 240 or 300 monthly payments on an IDR plan or a standard repayment plan, according to Department of Education regulations. That includes borrowers with monthly payments as low as $0.

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