Biden moves to ease student loan debt

About 40,000 borrowers should see debt cancellation

who work in public service careers and have taken part in a program that is supposed to forgive loans after 120 qualifying monthly payments.

The U.S. Education Department on Tuesday announced changes to two key student loan programs

the Public Service Loan Forgiveness and income-driven repayment programs.

The announcements include changes to the implementation of the income-driven repayment option, known as IDR

40,000 borrowers will have their debts forgiven under the Public Service Loan Forgiveness program

More than 3.6 million borrowers will also receive at least three years of additional credit toward IDR forgiveness.

More than 3.6 million borrowers will also receive at least three years of additional credit toward IDR forgiveness.

We are working really hard where there is clear authority for us to help borrowers,” said Under Secretary of Education James Kvaal.

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