More than 12,000 student loan borrowers in Wisconsin approved for automatic loan forgiveness
WISCONSIN (CBS 58) -- More than 12,000 Wisconsin residents are eligible for automatic student loan relief under fixes to Income-Driven Repayment (IDR) plans, according to the US Department of Education.
The department began notifying 804,000 borrowers Friday, who have a total of $39 billion in federal student loans that will be automatically discharged in the coming weeks.
The Department of Education says borrowers are eligible for forgiveness "if they have accumulated the equivalent of either 20 or 25 years of qualifying months depending on their loan type and IDR plan."
Debt eligible for automatic forgiveness in Wisconsin comes to roughly $576 million across 12,220 borrowers, according to data from the department.
Friday's action is a result of the Biden-Harris administration's payment count adjustment announced in April 2022.