The Biden administration has announced plans to forgive $39 billion in student loans, impacting 804,000+ borrowers. This first group of borrowers who will see relief include those who have made enough payments over 20 to 25 years to see the rest of their balances wiped out. The department will continue to track borrowers who reach the forgiveness thresholds every two months until next year. Potential additional future fixes to the income-driven repayment program will offer more generous terms for borrowers and more pathways to forgiveness.
