25 Million Borrowers to Receive Student Loan Forgiveness Updates

The Biden administration is advancing its new student loan forgiveness initiative by emailing 25 million borrowers this week to inform them of their potential eligibility for debt relief. This effort follows a year-long process to develop a new plan after the Supreme Court overturned Biden’s initial proposal. The new program, leveraging the Higher Education Act, aims to provide relief to various borrower categories, including those with high interest rates, long-term repayment histories, and low-financial-value programs. Up to 25 million borrowers could benefit from this initiative, with the potential to increase the total number of eligible borrowers to over 30 million.