Biden Administration Forgives $39 Billion in Student Loan Debt for 804,000 Borrowers

Inshort Updates July 2023

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 This is the largest single-day student loan forgiveness in American history.

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The forgiveness will take effect in the coming weeks.

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Borrowers will receive a letter from the Department of Education notifying them of their forgiveness.

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The forgiveness will not affect borrowers' credit scores.

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Borrowers who are eligible for forgiveness can still make payments on their loans if they choose to do so.

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