The US Department of Education released the number of borrowers who are eligible for automatic loan relief under fixes to Income-Driven Repayment (IDR) plans implemented by the Biden-Harris Administration to ensure all borrowers have an accurate count of the number of monthly payments that qualify toward forgiveness. This includes 5,410 borrowers in New Mexico who are eligible for a total of $260,300,300 in automatic student loan relief, over $48,000 on average in relief for each NM borrower.
The Department started notifying 804,000 borrowers who have a total of $39 billion in Federal student loans that will be automatically discharged in the coming weeks. Since the beginning of the Administration, the Department has approved more than $116 billion in student loan forgiveness for more than 3.4 million borrowers.
“Getting a college degree should be a tool to get ahead, but for far too long, it’s been a burden that traps so many in decades of debt. Even in the face of political games from MAGA Republicans doing everything they can to block relief, President Biden and Vice President Harris have maintained an unwavering commitment to providing a pathway to the working and middle class through education,” said Democratic Party of New Mexico Spokesperson Daniel Garcia. “Thanks to their leadership, thousands of borrowers across New Mexico will now be eligible for loan forgiveness – further evidence that Bidenomics is helping New Mexicans get ahead.”
Excerpted from DPNM Webpage