WASHINGTON - The U.S. Department of Education announced on Tuesday it is working to implement steps for nearly 4 million federal student loan borrowers to reach loan forgiveness.The department estimates these changes will result in immediate debt forgiveness for at least 40,000 borrowers."Today, the Department of Education announced steps that will bring borrowers closer to public service loan and income-driven repayment (IDR) forgiveness by addressing historical failures in the administration of the federal student loan programs," the department said in a press release.You can read the department’s plan to achieve student loan debt forgiveness for millions of Americans on their website.The announcement follows a move by the Biden administration earlier this month to freeze federal student loan payments through Aug.
31, extending a moratorium that has allowed millions of Americans to postpone payments during the coronavirus pandemic, according to an administration official familiar with the White House's decision-making.Student loan payments were scheduled to resume on May 1 after being halted since early in the pandemic.
But following calls from Democrats in Congress, the White House plans to give borrowers additional time to prepare for payments.Student loan payments were scheduled to resume May 1 after being halted since early in the pandemic.
But following calls from Democrats in Congress, the White House plans to give borrowers additional time to prepare for payments.Democrats on education panels in the House and Senate have urged President Joe Biden to extend the moratorium through the end of the year, citing continued economic upheaval.Sen.