$9 billion in additional student loan forgiveness: What it means for Arizonans

Published: Thursday, October 5, 2023 - 3:43pm
Updated: Thursday, October 5, 2023 - 4:34pm
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As borrowers prepare to resume student loan payments in October, the Biden administration announced the president has approved an additional $9 billion in student loan forgiveness.

The announcement comes as repayments resume after a three-year pause during the coronavirus pandemic.

Biden’s latest action impacts borrowers in three categories:

  • People who’ve made payments for 20 years or more on income-driven repayment plans.
  • Public servants who’ve made on-time payments for a period of 10 years.
  • Borrowers with total or permanent disabilities who’ve been approved for forgiveness thanks to a data match with the Social Security Administration.

Combined with previous efforts, the White House reports that more than 33,000 Arizonans to date are eligible for student loan forgiveness, for a total of nearly $2 billion.

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