President Biden’s student loan forgiveness program was upended in June when the Supreme Court overturned plans to forgive as much as $20,000 per borrower. The administration is now pursuing a debt forgiveness plan through the federal rulemaking process, which will take at least a year to complete.
In the meantime, the administration is providing 800,000 borrowers forgiveness through a one-time adjustment to help address inaccurate payment counts. It also is touting a new income-driven repayment plan that lowers monthly bills and shortens the path to loan forgiveness for some.
