Biden Grants $5 Billion in Student Loan Forgiveness

Biden's administration grants $5 billion in student loan forgiveness to 80,000 borrowers, addressing historical issues with income-driven repayment plans and Public Service Loan Forgiveness. The initiative involves a temporary program, with borrowers needing to consolidate loans by December 31, 2023, to benefit from the adjustment. While immediate forgiveness is not granted, borrowers can retain their adjustment-related IDR and PSLF credit after 2024, but will need to continue repaying loans under an IDR plan and in qualifying employment for eventual loan forgiveness.