The U . S . Department of Education announced today that over 800 , 000 borrowers will have their student loans automatically forgiven , totaling $39 billion in relief . These borrowers are eligible for forgiveness due to improvements made to income - driven repayment plans since April 2022 . So far , the Biden - Harris Administration has approved over $116 billion in loan forgiveness for more than 3 . 4 million borrowers . The loan discharges are a result of fixes made by the Administration to ensure that all borrowers have an accurate count of their qualifying monthly payments . These fixes address past administrative failures that resulted in qualifying payments being overlooked . Borrowers will be notified by their servicers via email when their loans are discharged , and this process will take place over the next few weeks . According to U . S . Secretary of Education Miguel Cardona , this discharge of loans is a way to support borrowers who have made payments for years but never received the forgiveness they deserve . The Biden - Harris Administration has been dedicated to fixing the broken student loan system and fighting for debt relief for working families . In addition to loan forgiveness , the Administration has also introduced the Saving on a Valuable Education ( SAVE ) plan , which provides the most affordable payment plan ever . This plan will cut payments on undergraduate loans in half compared to other plans , prevent balances from growing as long as required payments are made , and protect more of a borrower ' s income for basic needs . The SAVE plan will start rolling out this summer . For more information on the loan discharges , click here . A breakdown of the discharges by state can be found here .

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