The Education Department announced $39 billion in debt relief for over 800,000 borrowers.
On Friday, President Joe Biden's Education Department announced that over 800,000 student-loan borrowers will receive $39 billion in debt relief in the coming months thanks to a one-time adjustment to accounts enrolled in an income-driven repayment plan.
Here's what borrowers should know if they want to benefit from the relief.
How to make sure your loans qualifyThe account adjustment only applies to direct federal loans and FFEL loans held by the Education Department.
How to get a refund if a borrower overpaysOnce a borrower reaches the repayment threshold, they automatically qualify for forgiveness.
Persons:
Joe Biden's, Education Department —, you'll
Organizations:
Education Department, Service, Joe Biden's Education Department, Family Education, Federal Student Aid
Locations:
Wall, Silicon, PAYE