November 14, 2021
Under President Joe Biden, the government has wiped out over $11.5 billion in student loans for select groups of borrowers.
Now the Education Department says a new round of relief is coming, with notices going out in the coming weeks for about $2 billion in federal loan forgiveness. Education Secretary Miguel Cardona tells borrowers to check their email inboxes.
You might not have realized you qualify for one of the debt cancellations granted to about 600,000 borrowers, who now have more ability to increase savings, invest money and deal with other debts.
But what happened to the idea that Biden supported to cut debt for every borrower? Lawmakers and activists who support erasing loan balances question what’s taking Biden so long to decide.