The Biden administration will review its student debt portfolio, which will correct for past mistakes that denied 3.6 million borrowers credit toward student loan forgiveness and will lead to immediate cancellation of debt for roughly 40,000 borrowers.
The Department of Education announced Tuesday a new review of its student debt portfolio, which it says will correct for past mistakes that denied 3.6 million borrowers credit toward student loan forgiveness and will lead to immediate cancellation of debt for roughly 40,000 borrowers.
The new initiative seeks to end the practice of “forbearance steering” whereby student-loan servicing companies encouraged a borrower to enter forbearance program rather than an income-driven repayment plan, even when such plans could have resulted in a borrower paying $0 per month. The Education Department will also conduct a one-time review of borrowers’ payment histories and credit their accounts so that past payments made under other repayment plans will count towards forgiveness in the income-driven repayment program.
White House press secretary Jen Psaki said last week that the administration will either extend the pause again or announce a decision on whether the Biden administration will use executive authority to permanently cancel some portion of federal student loan borrowers’ debt.
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