The Department of Education announced that more student loan borrowers will be forgiven through the Income-Driven Repayment (IDR) account adjustment.
Millions of student loan borrowers will be forgiven. (Photo: CNET)
More Student Loans Will Be Forgiven
More student loan borrowers will experience relief after the Department of Education announced that it will forgive student loans through the Income-Driven Repayment (IDR) program. This is amidst the tension after the Supreme Court struck the Biden administration’s proposal to forgive student loans up to $20,000.
In a published article in FOX8, the IDR was first announced in April 2022 and is counting on more borrowers to be included in the program. Additionally, the department also said that those who have been paying their loans for at least three years without any delinquencies will be included in the IDR.
Department Released a Statement
According to an article published in NASDAQ, Department of Education Under Secretary James Kvaal said, “At the start of this Administration, millions of borrowers had earned loan forgiveness but never received it. That’s unacceptable. Today we are holding up the bargain we offered borrowers who have completed decades of repayment.”
Furthermore, data also revealed that around 2.3 million out of 4.4 million borrowers have been repaying their student loans for at least 20 years without any delinquencies, according to the data provided by the Education Department to Sen. Elizabeth Warren.
