The U.S. Department of Education announced Friday that it will cancel $39 billion in federal student loans for more than 800,000 borrowers enrolled in loan amortization plans based on their income.

The announcement comes two weeks after the Supreme Court blocked President Biden’s plan to cancel up to $20,000 in loans for borrowers earning less than $125,000 a year.

instead of,

Friday’s announcement was a continuation of his administration’s efforts to reduce student loan debt through existing policies.

“By resolving past administrative failures, we ensure that everyone gets the forgiveness they deserve, just as we have done for government officials, students who were cheated by their colleges, and borrowers with permanent disabilities, including veterans,” said minister of Education Miguel Cardona in a statement.

The Department of Education announced last year that it would make a one-time adjustment to the calculation of the number of months of payments that borrowers in means-tested amortization plans, in which borrowers pay a small portion of their discretionary income, must be credited in order to pay off their debts. to scold. Borrowers enrolled in current means-tested repayment

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Plans are eligible for loan forgiveness after 20 or 25 years of monthly payments, depending on their specific program.

Borrowers who qualify for a remission as a result of the adjustment will be notified from Friday.

Vice President Kamala Harris voted

in a statement Friday

the White House would not stop fighting to reduce student loan debt

in a statement Friday morning

.

She pointed to last month’s announcement that the White House would take an alternate path to providing relief through the higher education law after the Supreme Court’s decision on the president’s plan struck down President Biden’s student loan forgiveness plan. The administration also finalized its new income-driven repayment plan, which Harris said would cut monthly payments on undergraduate loans in half.

“Our administration will continue to fight to ensure that Americans have access to a quality post-secondary education without taking on the burden of unmanageable student loan debt,” Harris said.

The Biden administration is expected to launch its revamped income-driven repayment program later this year. In addition to paying less each month, borrowers will not acc

right

And

right

ed interest that exceeds their monthly payments waived. Borrowers with less than $12,000 in original loan balances will have their debt forgiven after that

just now

10 years of payments.

while

Biden’s debt relief plan has been received

most the

attention in recent months,

But

his administration has quietly approved tens of billions in loan forgiveness for borrowers through existing programs such as the Permanent Disability Waiver, the Government Loan Forgiveness Program for Civil Servants, and the

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orr

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defense to

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payment program for people who think they have been scammed by their school.

So far, the administration has approved more than $116

.6

billion in debt forgiveness for 3.4 million borrowers, the Ministry of Education said.