What types of loans are covered?īorrowers with Direct Loans, Federal Family Education Loans held by the Education Department, as well as Parent PLUS loans, are covered.Īround the nation, Texas has the most borrowers, at nearly 64,000, who qualify for relief under the Biden administration's plan, with total loans worth more than $3 billion, according to the Education Department. The different number of months depends on when a borrower first took out the loans, what type of loans they had and the IDR plan in which they were enrolled.īut "inaccurate payment counts" meant that some borrowers weren't progressing toward loan forgiveness, the administration noted. The Higher Education Act and Education Department regulations state that a borrower is eligible for forgiveness after making either 240 or 300 monthly payment in an IDR plan or the standard repayment plan.
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