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

Inshort Updates July 2023

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

The forgiveness will take effect in the coming weeks.

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

The forgiveness will not affect borrowers' credit scores.

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