President Biden forgives $39 billion in US student debt using program fix
The US Education Department has announced it will cancel $39bn of student debt for over 804,000 borrowers. This relief is the result of an "adjustment" to income-driven repayment plans, allowing borrowers to be eligible for forgiveness after 20 or 25 years of monthly payments. This small relief will address historic inaccuracies in identifying payments that qualify for forgiveness under IDR plans and prevent many borrowers from "falling through the cracks."
Source: indiatimes.com