Education Dept. fast-tracks forgiveness for borrowers with smaller student loans
In a surprise move, the Biden administration announced it is fast-tracking a change that will erase the debts of many federal student loan borrowers after just 10 years.
In a surprise move, the Biden administration says it will fast-track a big change, previously scheduled for July, that will soon erase the debts of thousands of federal student loan borrowers – undergraduate as well as graduate students who initially borrowed less than $21,000.
The administration's cancellation math will work like this: Anyone who borrowed $12,000 or less in federal student loans and has been in repayment for at least 10 years will have their debts automatically erased in February, as long as they
