Following the Supreme Court’s invalidation of President Joe Biden’s student loan forgiveness plan, his administration has taken new measures to safeguard borrowers.
A significant development involves the automatic forgiveness of $39 billion in student debt for 804,000 borrowers. This relief has been made possible through improvements to the income-driven repayment plans within the student loan system.
Previously, payments that should have contributed to borrowers’ progress towards forgiveness were not properly acknowledged. However, the Biden administration has rectified this issue by now considering payments made during deferments, forbearances, and partial or late payments. It is noteworthy that this announcement comes in the wake of the Supreme Court’s rejection of Biden’s broader student loan forgiveness initiative.
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