https://www.foxbusiness.com/personal-finance/student-loan-borrowers-
getting-refunds

3.9 million student loan borrowers have had their loans forgiven

Some student loan borrowers who have been making payments for over a
decade under income-driven repayment and forgiveness programs have yet to
see the forgiveness they were promised.

To correct this, the Biden administration is providing that forgiveness,
and, as an added bonus, some borrowers are also receiving refunds for past
payments, CNBC reported.

"Loan servicers were not tracking the number of qualifying payments, and
the automatic forgiveness was not occurring," higher education expert Mark
Kantrowitz explained.

"As a result, some borrowers have been making payments for years, or even
decades, beyond the point at which they should have received forgiveness."

This lack of forgiveness has caused some borrowers to pay loans longer
than required by these programs. In response, the Biden administration is
reviewing the payment histories of borrowers and awarding forgiveness for
those who have been in repayment for 20 to 25 years.

Student loan refunds are also being awarded to those who continued to make
payments after they were eligible for forgiveness.

If you can qualify for a student loan refinance at a lower rate than
you're currently paying, there are often few downsides to refinancing. Use
Credible to compare student loan refinancing rates from multiple private
lenders at once without affecting your credit score.

3.9 million borrowers have received student loan forgiveness so far
While Biden�s initial student loan forgiveness plan was struck down, the
administration has done everything in its power to reduce debt for
borrowers.

So far, the administration has canceled debt for about 3.9 million
borrowers, resulting in nearly $138 billion in forgiveness.

More than 793,000 borrowers received forgiveness through adjustments to
Public Service Loan Forgiveness (PSLF) programs. An additional 930,500
borrowers saw forgiveness through improvements to income-driven repayment
plans.

Borrowers with total and permanent disabilities have also had their loans
automatically discharged. About 513,000 borrowers saw $11.7 billion in
forgiveness due to these discharges.

Also, to date, the administration has forgiven $22.5 billion as a result
of closed school discharges and court settlements.

Many of the loans forgiven are a result of Biden�s SAVE Plan, which is
designed to help borrowers better afford their payments. Currently, 7.5
million borrowers are enrolled in the plan. Of those borrowers, 4.3
million have $0 payments.

If you have private student loans, unfortunately, federal relief doesn't
apply to you. If you're looking to lower monthly payments and ease the
burden of student loan debt, consider refinancing your student loans. Lock
in some of the lowest interest rates ever via the online marketplace
Credible.

Other student loan initiatives help borrowers save for retirement
To help borrowers save for retirement while also paying down their student
loans, the Secure Act 2.0 was introduced in 2022. A provision of the act,
set to kick-in this year, is Section 110.

Section 110 allows an employer to match an employee�s student loan payment
with an equivalent retirement contribution. This is intended to encourage
borrowers to make payments since they�re getting a match to their
retirement account in exchange.

"In today�s age of volatility, protected retirement income solutions can
provide employees the financial security they need to feel confident in
their futures," Eric Stevenson, the President of Nationwide Retirement
Solutions, said.

"By offering a steady stream of predictable income for life, employees can
stay on track toward their retirement goals and ensure they don�t outlive
their income. Employers can play a critical role in minimizing delayed
retirements by offering these solutions to create a world-class benefits
package."

To combat costly student loan payments, refinancing can lower your rates
and monthly payment. If you�re considering refinancing, make sure to
compare student loan refinancing rates before you apply. Credibe can show
your new rates from multiple lenders all in one place.

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