The Biden administration announced Tuesday it will implement a student loan rule change that it says will eliminate student debt for roughly 40,000 borrowers while an additional 3.6 million will see significant forgiveness.
The Department of Education (DOE) is changing how payments are distributed through the income-driven repayment (IDR) plan, a repayment program that allows borrowers to pay off their loans based on their income if their debt is higher than their annual earnings, the DOE announced in a press release. Certain borrowers may see their loans entirely forgiven after 20 to 25 years of monthly payments.
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