President Biden campaigned on canceling student loan debt, and just under two years into his presidency there’s finally been an announcement that the Department of Education will cut up to $10,000.00 of federally guaranteed student loan debt for borrowers making up to $125,000.00 per year. Like anything the government does, whether good or bad, there’s a process. For some borrowers the forgiveness may happen automatically, but for some there may be an application process. Regardless, how this forgiveness of student loan debt will occur is to be detailed “in the coming weeks.”
The best way to stay up to date on the Department of Education’s student loan forgiveness plan is to subscribe to the Department’s email list and choose the “Federal Student Loan Borrowers Update” button.