Education Department Readies Latest Tranche of Student Debt Relief

The Biden administration today is set to begin discharging $39 billion of student debt for hundreds of thousands of borrowers who’ve been in repayment on their loans for more than 20 years. It’s the latest bucket of student debt relief that the Biden administration is pursuing amid legal obstacles and major political pushback from Republicans. The program is aimed at compensating federal student loan borrowers for what administration officials have said were longstanding failures in how the Education Department and its contracted loan servicers have managed federal income-driven repayment programs.