The Biden administration on Friday managed to get around a Supreme Court order to forgive student loans by offering one-time credits that will wipe out loans.
Under the new program, more than 800,000 borrowers will have $39 billion in federal student loan debt eliminated to remedy years of mistakes by the loan servicers that collected payments on the government’s behalf.
Millions more will see their loans adjusted..
The student loan relief will go to people who took out federal loans operated directly by the Education Department.
