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Student-loan forgiveness is back on for 2 million borrowers
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After months on pause, a key student-loan forgiveness program is back.
Over the past week, student-loan borrowers on income-based repayment plans have started to receive emails from the Department of Education notifying them that they've met the payment threshold and qualify for debt cancellation.
The emails, multiple of which were reviewed by Business Insider, had the subject line: "You're eligible to have your student loan(s) discharged." It said that the department is working with the borrower's servicer to process the relief "over the next several months," and the department will send the borrower's discharge information to the servicer after October 21.
Student loan borrowers can't access repayment plans under Trump. What to know
The shutdown of the federal government is likely to worsen the delays student loan borrowers are already facing in accessing programs required by Congress and mandated in their loan terms.
More than 1 million borrowers are in a backlog to enroll in an income-driven repayment plan, according to court records from mid-September.
During the shutdown, Federal Student Aid staff "will not be able to perform regular operations, including working on the IDR backlog," a spokesperson for the Education Department told CNBC on Wednesday. That day, the U.S. government shut down after lawmakers failed to reach a funding deal, meaning that most of the federal workers at the Education Department would be temporarily put on unpaid leave.
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