One-time credits will wipe out loans, fixing mistakes made by loan servicers when collecting payments under income-driven repayment programs.
Demonstrators calling for the cancellation of student debt in Washington in June.Credit…Kenny Holston/The New York Times
By Stacy Cowley
July 14, 2023 (NYTimes.com)
More than 800,000 borrowers will have $39 billion in federal student loan debt eliminated under a government effort to remedy years of mistakes by the loan servicers that collect payments on the government’s behalf.
Millions more people will have their loans adjusted as part of the program. That process will continue into next year.
Stacy Cowley is a finance reporter with a focus on consumer issues and data security. She previously reported on a variety of business topics, including technology and economics, at CNN Money, Fortune Small Business, and other magazines and websites. More about Stacy Cowley
