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Christmas came early this year for hundreds of thousands of Americans with student loan debt. The Biden administration last week emailed more than 800,000 borrowers to tell them that their balances had been reduced to zero.
This relief for borrowers came on the heels of many not getting proper credit toward payments made on income-driven repayment plans intended to allow borrowers to make payments based on their income, with the promise of forgiveness after 20 or 25 years, a White House official said. Over the past few months, a growing number of borrowers have been receiving debt relief through the Education Department's adjustments to borrowers' accounts. In October, 125,000 more borrowers got $9 billion in debt wiped out not only through income-driven repayment adjustments but also through Public Service Loan Forgiveness.
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