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White House approves $39B student loan forgiveness: Are you among 800K borrowers impacted?

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  • Staff Report 

The Biden Administration has set in motion a debt relief initiative that will erase $39 billion of student loans for approximately 804,000 borrowers.


This significant move comes after U.S. District Judge Thomas L. Ludington dismissed a lawsuit initiated by the New Civil Liberties Alliance, representing the Mackinac Center for Public Policy and the Cato Institute, which sought to halt the program.

The program specifically targets those on income-driven repayment plans who, due to administrative lapses, weren’t accurately credited for their payments.

According to White House data, this means more than 614,000 individuals who have been repaying for two decades or more will see their entire student loan balances cleared. President Joe Biden expressed his commitment to further alleviating student debt burdens, emphasizing a robust plan to offer relief to as many borrowers as swiftly as feasible.



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