The U.S. Department of Education is preparing to forgive some student loans through the Biden administration’s income-driven repayment (IDR) account adjustments.
WASHINGTON -- The U.S. Department of Education is preparing to forgive some student loans through the Biden administration’s income-driven repayment account adjustments.
Borrowers who accumulated 240 or 300 months worth of previous IDR payments or those who reached 120 months of previous public service loan forgiveness payments will begin to see their loans automatically forgiven this spring, even if they are not currently on an IDR plan, according to the release. “The Department will continue to discharge loans as borrowers reach the months needed for forgiveness,” ED said in its release. “All other borrowers will see their accounts update in 2024.”
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