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Biden administration erasing student debt for 40K borrowers

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The Biden administration announced it would erase student debt for more than 40,000 borrowers.

The Education Department plans to give borrowers retroactive credit for "forbearance steering," a practice through which loan servicers push borrowers into interest-accruing forbearance.

“Student loans were never meant to be a life sentence, but it’s certainly felt that way for borrowers locked out of debt relief they’re eligible for,” said U.S. Secretary of Education Miguel Cardona.

Read more from Yahoo Finance.

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