White House Overhauling Student Loan Repayment Programs

The Biden administration is revising federal student loan repayment programs to offer more debt forgiveness. This includes correcting errors where borrowers were wrongly placed in forbearance, allowing them to receive credits towards loan forgiveness. The changes could lead to immediate debt cancellation for 40,000 borrowers and bring 3.6 million closer to forgiveness. The total student loan debt in the U.S. is $1.75 trillion, with half of it under income-driven repayment plans. These adjustments aim to alleviate the financial burden on borrowers.

What are the two main programs mentioned that help borrowers manage their student loans?

How many borrowers are estimated to see their debts immediately cancelled due to the new changes?