Here are five forgiveness programs that currently exist for federal student loan borrowers and what Biden has done to modify them:
Washington President Joe Biden has said he will decide whether to widely cancel a portion of federal student loan debt per borrower by the end of August. Regardless of his decision, there are several other ways many of the 43 million federal student loan borrowers may qualify for some student loan forgiveness.
The federal government already has a number of programs that offer student debt forgiveness for certain groups of borrowers, usually after they make a specific number of payments. There's a debt relief program for nonprofit and government workers as well as one for borrowers who were defrauded by their colleges. Borrowers who are permanently disabled are also eligible for federal student loan cancellation.
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