Nearly 25,000 North Carolina borrowers to see student loan debt wiped out
Nearly 25,000 borrowers in North Carolina will receive more than $1.1 billion in income-driven repayment (IDR) forgiveness in the coming weeks.
It is part of the Biden-Harris administration's recent approval of $39 billion in student loan forgiveness for 804,000 borrowers nationwide.
"I have long said that college should be a ticket to the middle class, not a burden that weighs down on families for decades," Biden said.
The IDR forgiveness is being provided to borrowers who have made 20 or more years of qualifying payments under an income-driven repayment plan.
Biden says his administration has worked hard to secure the largest increases to Pell Grants in a decade, fixed broken loan programs such as Public Service Loan Forgiveness, and created a new income-driven repayment plan that will cut undergraduate loan payments in half and bring monthly payments to zero for low-income borrowers.
Biden said this is the result of steps he is taking to fix past failures, and it brings the total amount of loan relief provided by the Administration to more than $116 billion for more than 3 million borrowers.
"As long as I'm in office, I will continue to work to bring the promise of college to every American," Biden said.
