Student Loan Forgiveness Backlog Drops, But No Discharges Yet
Raleigh News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Federal student loan borrowers awaiting relief through income-driven repayment plans face a backlog of over half a million applications, with no discharges in February. The Education Department processed 329,000 applications, approving 90%, but zero loans were discharged. The holdup stems from batch processing every other month, with the last discharges hitting early March. Meanwhile, the Public Service Loan Forgiveness buyback queue grows, and seven million former SAVE plan users must switch to new plans. Starting this year, forgiven debt is taxable federally, potentially hitting borrowers with big tax bills. Stay vigilant and verify everything on StudentAid.gov.
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