Biden Forgives $39 Billion , in Student Debt.<br />The Biden administration made the announcement on July 14, CNBC reports.<br />The debt of 804,000 borrowers totaling <br />$39 billion will be automatically forgiven.<br />The relief comes as income-driven <br />repayment plans have been adjusted.<br />Borrowers enrolled in those plans are eligible to have any remaining debt canceled after they've made on-time payments for 20-25 years.<br />But the Biden administration says that many of those borrowers' payments weren't accounted for.<br />For far too long, borrowers fell <br />through the cracks of a broken <br />system that failed to keep accurate <br />track of their progress towards forgiveness. , Miguel Cardona, U.S. Secretary of Education, via statement.<br />In order to get borrowers to qualify for forgiveness, <br />the Biden administration included partial <br />and late payments, as well as payments that were <br />once paused due to deferments and forbearances.<br />The move comes after <br />the Supreme Court denied President Biden's federal student loan forgiveness plan.<br />Under that plan, 37 million people <br />would have had student debt relief
