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More than 804,000 federal student loan borrowers are in for a pleasant surprise.
While the Supreme Court scuttled President Biden's efforts at widespread debt forgiveness, these borrowers are about to get an email from the U.S. Department of Education, notifying them that their debts will soon be automatically erased.
The forgiveness is the result of a promise made last year by the Biden administration in response to years of complaints, lawsuits and an NPR investigation that found that many long-time borrowers who should have qualified for loan forgiveness under the rules of the government's income-driven repayment plans (IDR) hadn't received it because of mismanagement by the department and loan servicers.
The move will erase $39 billion in federal student loan debt.
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