Biden admin to forgive $39 billion in student loan debt for 800,000 borrowers. Here's what to know.
CBSN
More than 800,000 borrowers with $39 billion in federal student loans will get their debt forgiven, the Biden administration said on Friday.
The Department of Education said it will begin notifying borrowers today about the automatic discharge of their debt, which will occur in the next few weeks.
The debt relief comes two weeks after the Supreme Court invalidated the Biden administration's plan for broad-based student loan forgiveness, which would have helped more than 40 million borrowers each erase up to $20,000 in debt. The plan announced on Friday is related to a separate effort by the Biden administration to improve income-driven repayment plans (IDRs), which are designed to reduce student loan monthly payments by pegging a person's payment amount to their income.
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