President Joe Biden announced a new plan to relieve the burden of student loan debt for more than 800,000 borrowers, to the tune of $39 billion. This comes after the Supreme Court last month blocked the Biden administration’s efforts to cancel student loan debt.
In Arizona, 20,530 borrowers will receive a total of more than $1 billion in student loan debt forgiveness, according to data released Monday by the U.S. Department of Education.
Those borrowers were enrolled in income-driven repayment plans, which offer lower monthly payments based on income level and family size.
Those plans also promise to cancel any leftover debt after 20 or 25 years of payments, depending on the plan.
But the Biden administration says many borrowers lost progress toward that forgiveness due to past problems with the payment plans.
