Approved for student loan relief? Here's what it means.
Student loan forgiveness approval letters are going out. Here's what they mean.
Nov 23, 2022 by Moneywatch - CBSNews.com
- MoneyWatch November 23, 2022 / 10:38 AM / MoneyWatch About 16 million borrowers who had applied for the Biden administration's student loan forgiveness program received letters starting last weekend letting them know that they've been approved for debt relief.
- The approvals come after two courts blocked the plan, placing legal barriers before a federal program that had promised to forgive up to $20,000 in student debt for about 40 million eligible Americans.
- "Your application is complete and approved, and we will discharge your approved debt if and when we prevail in court," Secretary of Education Miguel Cardona said in the letter.
- The Department of Education sent the letter to 16 million people who applied to have up to $20,000 in student debt forgiven, telling them they received a green light — at least from the Biden administration.
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