Well, just around two weeks after the Supreme Court shot down the student loan forgiveness prorgramme here, we are seeing a somewhat similar relief measure being announced by the Biden administration. It would automatically forgive $39 billion in student debt for roughly 804,000 borrowers.
However, this debt relief continues to be part of a fix to the education loan system’s repayment plans. And under those terms, borrowers will get any remaining debt cancelled by the government after they have made payments for 20 or 25 years – depending on their borrowing amount, loan type etc.
1 of the 804,000 borrowers