LAS VEGAS (KTNV) — According to federal officials, some student loan borrowers in Nevada will soon be able to breathe a little easier.
Department of Education officials said 6,820 borrowers in Nevada will have up to $330 million in student loan debt discharged. They add this applies to borrowers who are eligible for automatic loan relief under fixes to Income-Driven Repayment plans implemented by the Biden-Harris Administration. That includes borrowers who have accumulated the equivalent of either 20 or 25 years of qualifying months depending on the type of loan.
"For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness," U.S. Secretary of Education Miguel Cardona said. "The Biden-Harris Administration is taking another historic step to right these wrongs. By fixing past administrative failures, we are ensuring everyone gets the forgiveness they deserve, just as we have done for public servants, students who were cheated by their colleges, and borrowers with permanent disabilities, including veterans."
The move will forgive $39 billion i student debt for 804,000 borrowers nationwide.
Department of Education officials state eligible borrowers started being notified on Friday if they qualify for debt forgiveness. They add discharges will begin 30 days after those emails were sent. Borrowers will then be notified by their servicer after their debt is discharged.
The department adds that borrowers who reach the applicable forgiveness thresholds will continue being notified every two months until next year when all borrowers who are not yet eligible for forgiveness will have their payment counts updated.
You can learn more at StudentAid.gov/idr.
