Schatz: Biden Administration Student Loan Forgiveness Plan Will Help Nearly 1,700 Borrowers In Hawai‘i, Cut More Than $90 Million In Debt

WASHINGTON – Today, the Department of Education announced that 1,690 borrowers in Hawai‘i are eligible for automatic loan relief under fixes to Income-Driven Repayment (IDR) plans implemented by the Biden-Harris Administration. The new action from the administration would eliminate a total of $90.2 million dollars of debt from eligible borrowers across Hawai‘i.

“Thanks to the Biden Administration, nearly 1,700 people across Hawai‘i will see thousands of dollars in student loan debt eliminated in the next few weeks. It will save people money and give them some real relief on their student loans,” said Senator Schatz. 

The discharges are a result of fixes implemented by the Biden-Harris Administration to ensure all borrowers have an accurate count of the number of monthly payments that qualify toward forgiveness under IDR plans. It is part of the Biden Administration’s effort to address historical failures in the management of the federal student loan program in which qualifying payments made under IDR plans that should have moved borrowers closer to forgiveness were not accounted for. Borrowers are eligible for forgiveness if they have accumulated the equivalent of either 20 or 25 years of qualifying months. More information on the administration’s student loan forgiveness action is available here.

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