Over 800,000 Long-Term Borrowers Will Have Student Loans Forgiven Before Payments Resume This Fall
Karin Engstrom, 82, poses for photos at home, Wednesday, Sept. 27, 2023, in Seattle. Engstrom recently had student loans forgiven. She's one of 804,000 borrowers who will have a total of $39 billion forgiven under a one-time adjustment granted by the Biden administration. (AP Photo/Stephen Brashear)
NEW YORK (AP) — Student loan payments start up again for most borrowers in October, but more than 800,000 people who have been paying for years are having their loans forgiven.
A total of $39 billion is being forgiven under a one-time adjustment granted by the Biden administration.
It’s for people in income-driven repayment plans who have been paying back loans for 20 or 25 years but never received credit for late or partial payments or for periods before the pandemic when they were allowed to pause or reduce payments due to financial hardships.
