Biden Administration to Email 25-30M Borrowers About $147B Student Loan Forgiveness

Jul 31, 2024, 01:35 PM

The Biden administration has announced a significant step towards student loan forgiveness, aiming to cancel debt for millions of borrowers. The U.S. Department of Education will begin emailing roughly 25 to 30 million Americans with federal student loans on Wednesday, providing information on how they can take advantage of the new debt relief programs. This initiative comes as part of President Biden's broader plan to alleviate student debt, which has seen millions of borrowers already benefiting from previous cancellations. The emails will outline options for having some or all of their debt canceled this fall, with no application needed for many borrowers. This move follows the Supreme Court's decision to strike down a previous debt relief program, prompting the administration to advance an alternative plan. The total amount of debt relief could reach $147 billion.