Many of the borrowers received bills with charges higher than they should be. The Department of Education identified the errors and directed student loan servicing companies to place the impacted borrowers in an administrative forbearance during which they are not required to make payments.
/PRNewswire/ Following President Joe Biden s groundbreaking announcement this summer granting borrowers a 12-month grace period after payments restart, the.
President Joe Biden is making another attempt at student loan cancellation after the Supreme Court ruled earlier this year that his administration couldn’t forgive $400 billion in student loan debt using a 2003 law called the HEROES Act.