Biden Administration Launches New Student Loan Forgiveness Plan

Emails sent to 40 million borrowers outline eligibility and opt-out details for upcoming debt relief initiative.

Borrowers are advised to check their emails for details on eligibility and the opt-out process.
The plan targets those with significant interest accrual, long-term repayment, and low-value education programs.
No application is needed for most borrowers, but opting out requires contacting loan servicers by August 30.
The final rule for the debt relief program is expected to be finalized by October.
Wisconsin's average student loan debt is $31,679, slightly below the national average.