The Biden administration will forgive $39 billion worth of student loan debt.

<div class="block">The Biden administration will forgive $39 billion worth of student loan debt.</div>

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Biden Administation to Forgive $39B in Student Loan Debt

The Biden administration has announced it will forgive $39 billion worth of student debt for those with federal loans. The move will wipe out debt for about 800,000 borrowers within the next few weeks. The forgiveness is happening because the Education Department is correcting administrative errors that inaccurately counted borrowers progress to forgiveness. Education Secretary Miguel Cardona says quote for far too long borrowers fell through the cracks of a broken system, adding quote by fixing past administrative failures. We are ensuring everyone gets the forgiveness, they deserve student loan payments were paused for years during the pandemic and is set to resume this October.