Biden Administration Announces Student Loan Forgiveness Updates

The Biden administration is implementing various student loan forgiveness initiatives, including the IDR Account Adjustment and the new HEA loan forgiveness program, to provide relief to borrowers who graduated many years ago. Additionally, the SAVE plan may lead to student loan forgiveness for borrowers with smaller original balances who enrolled in the program. The administration is also taking steps to create a new student loan forgiveness program using the 'compromise and settlement' authority.