Tag: Presidency of Joe Biden

Student loan borrowers in income-driven repayment plans may soon see resumed loan forgiveness processing under a new agreement between the Education Department and teachers’ union. The deal could help borrowers avoid substantial tax bills by ensuring cancellations occur before a key tax exemption expires.

Student Loan Cancellations to Resume Following Legal Agreement

The student loan forgiveness process for borrowers enrolled in income-driven repayment plans will resume under an agreement reached between the Education Department and the American Federation of Teachers, according to reports filed in federal court. The development comes after loan cancellations in several repayment programs had been temporarily paused earlier this year.