The one-time credits are meant to resolve long-standing mistakes made by loan servicers that collect payments on behalf of the U.S. government, the Department of Education said in a July 14 news release.
The debt cancellation applies to individuals with federal loans owned directly by the Department of Education under income-driven repayment plans. To qualify for the automatic loan forgiveness, borrowers need to have made 240 or 300 qualifying monthly payments, depending on their loan and plan.
The move comes two weeks after the Supreme Court struck down President Joe Biden’s plan to forgive more than $400 billion in student loan debt, leaving thousands of students pursuing careers in the healthcare industry on the hook for repaying tuition costs.
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