The U.S. Department of Education announced Thursday that it will be canceling student debt for over 320,000 borrowers. According to the officials’ announcement, the debt is valued at $5.8 billion. The debt forgiveness will only go to those with a total and permanent disability.
The Education Department explained in the announcement that they will rely on data already available to the Social Security Administration. The borrowers will start to profit from the debt forgiveness in September. Additionally, the Education Department said that it will exclude borrows from sharing earnings data once they start receiving the relief.
“We’ve heard loud and clear from borrowers with disabilities and advocates about the need for this change, and we are excited to follow through on it,” said U.S. Secretary of Education Miguel Cardona, in a statement.
“This change reduces red tape with the aim of making processes as simple as possible for borrowers who need support.”
The Education Department Might Cancel all Students Debts
In the last few weeks, President Joe Biden’s Education Department has also canceled student debt for thousands of students who attended for-profit schools. Nonetheless, President Joe Biden remains under pressure from the democrats, advocates, and borrowers to cancel the $50,000 per borrower in student debt for all the students.
