WASHINGTON, DC – MAY 09: US President Joe Biden delivers remarks on the debt ceiling at the White … [+]
The Biden administration is in the early stages of implementing the IDR Account Adjustment, a major initiative that will result in accelerated student loan forgiveness for many borrowers. And new guidance recently published by the Education Department suggests the program will be even broader than originally envisioned.
Here’s what borrowers should know.
How The IDR Account Adjustment Will Result In Student Loan Forgiveness
The Biden administration first unveiled the IDR Account Adjustment last year as a long-overdue initiative to redress well-documented issues with Income-Driven Repayment (or IDR) programs. IDR, which comprises several distinct repayment plans, permits borrowers to repay their federal student loans in accordance with a formula that factors in their income, marital status,