The Education Department announced it would send emails to all student-loan borrowers to update them on President Joe Biden's plan to cancel student debt using the Higher Education Act of 1965.
Qualifying borrowers for the relief include those who owed more than their initial repayment, who entered repayment at least 20 years ago, and those who never applied for forgiveness despite eligibility.
Borrowers have until August 30 to opt out of the relief plan, with reasons including potential state tax liabilities. The relief will apply to loans that were in repayment when forgiveness is implemented.
[
Collection
]
[
|
...
]