Biden to Forgive $39B in Student Debt

“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” Education Secretary Miguel Cardona said in a statement.

The Education Department said it will begin notifying eligible borrowers Friday and will continue to identify those who reach the threshold for eligibility every month until next year. Qualified borrowers would have made between 240 to 300 total monthly payments, and discharges start within 30 days after email notifications are sent.

After the Supreme Court decision, President Joe Biden said he would attempt another mass debt forgiveness plan using a different legal rationale than the one rejected by the court’s conservative majority.

— With assistance from Akayla Gardner.

Pictured: President Joe Biden speaks during a State of the Union on Feb. 7, 2023. Photo: Bloomberg