"Key Updates on Student Loan Forgiveness and Payment Adjustments Revealed by Biden Administration"

The U.S. Department of Education has approved $44 billion in debt relief for over 900,000 borrowers as part of the payment count adjustment, bringing the total forgiveness approved by the Biden-Harris Administration to $132 billion for 3.6 million borrowers. Borrowers with Direct or Federal Family Education Loan (FFEL) Program loans held by the Department will see their progress toward forgiveness update automatically by July 1, 2024. Borrowers with loans not held by the Department can benefit from the adjustment by applying to consolidate by April 30, 2024. The adjustment is automatic for most borrowers, but some may benefit from consolidating their loans. The Department will continue identifying eligible borrowers regularly and refunds any extra payments.