The department is issuing a one-time loan forgiveness for borrowers who have paid into income-driven repayment plans for 20-25 years.
However, there were some errors in tracking payments that did not recognize many borrowers’ loan end dates and had them continue to pay past those dates. These 804,000 borrowers “never got the credit they earned and never saw the forgiveness they were promised – even after making payments for decades,”Eligible borrowers are receiving email notifications from their loan servicers over the next few weeks to months. More than 614,000 of these qualified borrowers will have their remaining loan balances forgiven.
This measure does not, however, replace the Biden administration’s sweeping plan to wipe out up to $20,000 for federal student loan borrowers.Starting Sept. 1, 2023, the government will resume collecting interest on student loans. Also, payments that were on hold due to the COVID-19 pandemic
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