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Over 30 million borrowers are now eligible for debt relief through Biden’s newly released plan to waive accrued and capitalized interest, cancel loans that are over 20 years old and assist ...
Under the new rule, loan balances will be forgiven after 10 years of payments, instead of the current 20 years under many income-driven repayment plans, for borrowers with original loan balances ...
Borrowers whose adjusted payment counts push them over the 20-year (for most undergraduate loans) or 25-year (for graduate loans) thresholds will automatically have their remaining debt forgiven.
To date, the loan forgiveness approved by the Biden-Harris government totals $136.6 billion in aid for 3.7 million American borrowers, according to the U.S. Department of Education (ED).Relate
Borrowers who have made 10 years of payments and borrowed $12,000 or less will see the aid. For each additional $1,000 a borrower took out in loans, they will need to wait another 12 months to see ...
The adjustment to student loan accounts would go toward helping borrowers get closer to forgiveness under income-driven repayment plans, which offer discharge after 20 or 25 years of repayment ...
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