President Joe Biden's plan to forgive tens of billions in student loan debt has been blocked, but the administration has still managed to cancel billions in debt through other relief programs.
. And the new rules will make it easier for borrowers to sue universities that defrauded them.
At the same time, the Education Department is set to forgive an additional $6 billion in student loan debt for borrowers who already applied for debt relief under the borrower defense program. That relief will depend on a judge’s approval of a settlement agreement betweenand the Education Department. The final hearing was Wednesday, and the judge will issue a written decision on that case within a week.
that could mean the erasure of some borrowers' balances. Those who have been paying on their loans for 20 to 25 years through these plans at some point will receive automatic forgiveness, even if they’re not enrolled in such a plan now. the same level of attention as the president’s attempt at broad forgiveness, but of all the regulatory changes, Mayotte said, the income-driven waiver has the potential to affect the most borrowers.
The increase in borrowers qualifying comes thanks to loosening some of the strict eligibility requirements that had been associated with that plan. For example, borrowers had to ensure they had the right type of loan and that they were enrolled in a qualifying income-driven repayment plan.
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