Education Department Issues Sweeping New Student Loan Forgiveness Guidance For One-Time Adjustment
WASHINGTON, DC - APRIL 18: U.S. President Joe Biden speaks in the Rose Garden of the White House ... [+] April 18, 2023 in Washington, DC. (Photo by Drew Angerer/Getty Images)Getty Images
The Education Department has released long-awaited, detailed updates on a key Biden administration initiative that may jump-start student loan forgiveness for millions of borrowers.
Here’s the latest.
Student Loan Forgiveness Under IDR Account Adjustment
The Biden administration announced the IDR Account Adjustment last year, billing it as a much-needed fix to address longstanding problems with Income Driven Repayment, or IDR, plans. IDR plans allow borrowers to repay their federal student loans based on a formula applied to their income and family size. The plans can result in student loan forgive...