Biden Administration student loan forgiveness plan to help nearly 1,700 Hawai‘i borrowers

The U.S. Department of Education announced Tuesday that 1,690 borrowers in Hawai‘i are eligible for automatic loan relief through President Joe Biden’s student loan forgiveness plan, which would eliminate a total of $90.2 million of debt from student loan borrowers throughout the state.

Borrowers are eligible for forgiveness if they accumulated the equivalent of either 20 or 25 years of qualifying months.

The discharges are a result of fixes implemented by the Biden-Harris Administration to ensure all borrowers have an accurate count of the number of monthly payments that qualify toward forgiveness under the plan. It is part of the Biden Administration’s effort to address historical failures in the management of the federal student loan program in which qualifying payments made that should have moved borrowers closer to forgiveness were not accounted.

“Thanks to the Biden Administration, nearly 1,700 people across Hawai‘i will see thousands of dollars in student loan debt eliminated in the next few weeks,” said U.S. Sen. Brian Schatz, a Hawai‘i Democrat. “It will save people money and give them some real relief on their student loan.”

More information, click here.