These 4 groups of borrowers will qualify for Biden’s next round of student loan forgiveness
As the Biden administration prepares to forgive the student debt of tens of millions of borrowers — a move experts say could happen as soon as October — it has issued new guidance on who will most likely be eligible for the relief.
That is an important distinction from President Joe Biden’s first effort at sweeping student loan cancellation. With this attempt, the U.S. Department of Education revised its forgiveness plan to be more targeted, with the hope that this aid package survives the inevitable next round of legal challenges.
The Department of Education is still working out the details of the plan, and will notify eligible borrowers soon.
“Once these rules are finalized, 30 million Americans will get to benefit and experience the life-changing impact of student debt cancellation,” said Aissa Canchola Bañez, policy director at the Student Borrower Protection Center.
These are the four groups that stand to benefit from partial or full debt relief if the plan survives the next round of lawsuits.