Even after the Supreme Court squashed Biden’s high-profile loan forgiveness promise, the administration still plans to forgive some loans.
From The Wall Street Journal. The Education Department said Friday that it will forgive $39 billion in federal student loans for more than 804,000 borrowers.
The discharges are a result of fixes implemented by the Biden administration to ensure borrowers have an accurate count of monthly payments that qualify toward forgiveness under income-driven repayment plans, the department said. The affected loans will be automatically discharged in the coming weeks.
Friday’s move is implementing previously announced plans. Those actions are separate from the more high-profile policy that the Supreme Court rejected in late June. …
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(Excerpt from The Wall Street Journal. Photo Credit: Joshua Hoehne on Unsplash)