Over the last 10 months, the Biden administration has announced billions of dollars in student loan cancellation. The administration has relied on executive authority, some of it emergency-based, to expand available relief under existing federal student loan forgiveness programs.
According to the Department of Education, these initiatives are expected to provide over $11.5 billion in student loan forgiveness for nearly 600,000 borrowers. In many cases, borrowers will not have to take any action, as the Department has indicated that it will be providing the relief automatically. But for other borrowers, action is required, and there might even be deadlines. Here’s a breakdown.