For Immediate Release From USDE!
Last week, the Department of Education began notifying impacted borrowers they were eligible for automatic loan relief
The U.S. Department of Education (Department) today released state-by-state data on the number of borrowers who are eligible for automatic loan relief under fixes to Income-Driven Repayment (IDR) plans implemented by the Biden-Harris Administration to ensure all borrowers have an accurate count of the number of monthly payments that qualify toward forgiveness. On Friday, the Department started notifying 804,000 borrowers who have a total of $39 billion in Federal student loans that will be automatically discharged in the coming weeks.
https://www.ed.gov/news/press-releases/bid... Today’s data show how many borrowers and the total amount that is eligible for relief in each state and territory as a result of this action. Since the beginning of the Biden-Harris Administration, the Department has approved more than $116 billion in student loan forgiveness for more than 3.4 million borrowers.
The discharges announced on Friday are part of the Department’s commitment to address historical failures in the administration of the Federal student loan program in which qualifying payments made under IDR plans that should have moved borrowers closer to forgiveness were not accurately accounted for. Borrowers are eligible for forgiveness if they have accumulated the equivalent of either 20 or 25 years of qualifying months depending on their loan type and IDR plan. Friday’s action is a result of the Biden-Harris Administration’s implementation of the payment count adjustment announced in April 2022.
https://studentaid.gov/announcements-event... The state-by-state breakdown of relief and eligible borrowers can be found below:
Borrowers Approved for IDR Discharge under the Account Adjustment by Location
State Borrower Count Debt Eligible for Discharge (in millions)
Alabama 12,720 $553.90
Alaska 970 $51.40
Arizona 20,530 $1,030.40
Arkansas 6,940 $342.60
California 61,890 $2,958.80
Read the full listing HERE!:
https://www.ed.gov/news/press-releases/bid...
Posted By: agnes levine
Friday, July 21st 2023 at 12:18PM
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