The U.S. Department of Education agreed to forgive $39 billion in student debt by updating a technical requirement under an existing program.<br /><br />The change will benefit over 804,000 borrowers.<br /><br />The Biden administration's decision to pursue alternatives to a $400 billion student loan forgiveness plan follows the Supreme Court's ruling against the broader plan in June, Bloomberg reports.<br /><br />The revised student debt plan focuses on counting more payments towards the forgiveness program, allowing struggling borrowers to become eligible for forgiveness after making the equivalent of 20 - 25 years' worth of expenses.
