The Biden administration announced on Friday it would automatically forgive $39 billion in student debt for 804,000 borrowers. The relief is a result of fixes to the student loan system’s income-driven repayment plans. Under those repayment plans, borrowers get any remaining debt cancelled by the government after they have made payments for 20 years or 25 years, depending on when they borrowed, and their loan and plan type. In the past, payments that should have moved a borrower closer to being debt-free were not accounted for, according to the Biden administration. “For far too long, borrowers fell through the ... (full story)