WASHINGTON — The Department of Education and the White House announced Friday that more than 800,000 federal student loan borrowers will have their remaining debt wiped out.
The $39 billion in debt relief will come through fixes to mismanagement of the agency’s income-driven repayment plans. Many long-time borrowers, including those who had been making payments for 20 years or more, were denied relief they were eligible for under the repayment plans. Qualified payments that were made were not accounted for.
“For far too long, borrowers fell through the cracks of a broken system that failed to...
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