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HomeloansStudent loan forgiveness may come for 380,000 borrowers, Biden says

Student loan forgiveness may come for 380,000 borrowers, Biden says

Female firefighter putting on her protective equipment inside the fire station in response to an emergency
The Biden administration’s latest student loan forgiveness announcement contained good news for more people than the 77,700 borrowers eligible for this round of aid.
Starting next week, the administration said, President Joe Biden will send an email to nearly 380,000 additional borrowers confirming that they are “on track” for loan cancellation within two years as long as they continue to meet the requirements of the Public Service Loan Forgiveness program.
“I’ve heard from countless people who have told me that relieving the burden of their student loan debt will allow them to support themselves and their families, buy their first home, start a small business, and move forward with life plans they’ve put on hold,” Biden’s email says, in a draft reviewed by CNBC.
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The Supreme Court last June struck down the president’s plan to deliver student loan forgiveness to as many as 40 million Americans. Since then, his administration has tried to cancel the debt in various other ways, using its existing authority. It has mainly done so by overhauling existing loan relief programs that historically were hard to access.
As a result, since Biden was elected, his administration has so far cleared the education debts of nearly 4 million people, totaling $143.6 billion in relief.
Those who haven’t qualified for that aid are likely wondering, “When will my turn come?”
While Biden’s emails may answer that question for some, here are other ways borrowers can figure out if, and when, they may be eligible for debt cancellation.
“These forgiveness opportunities are fantastic, but they are complicated,” said Elaine Rubin, director of corporate communications at Edvisors, which helps students navigate college costs and borrowing.



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