The Biden administration announced Friday that it will forgive $39 billion in student loans for over 800,000 borrowers. See potential biases and similarities in reports from nro, cnnbusiness and cnbc:
The Biden administration announced Friday that it will forgive $39 billion in student loans for over 800,000 borrowers.The administration said the forgiveness is the result of fixes that more accurately count monthly payments under existing income-driven repayment plans.
Errors miscounted qualifying payments made by borrowers, according to the Department of Education. Affected borrowers include Americans with Direct Loans or Federal Family Education Loans held by the department."For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness," Education Secretary Miguel Cardona said in a written statement.
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