U.S. Department of Education to Erase $11 Billion in Student Loan Debt for Over 170,000 Borrowers

The U.S. Department of Education is set to forgive approximately $11 billion in federal student loan debt for more than 170,000 borrowers. This action follows a federal appeals court's rejection of an attempt to delay relief for students who claimed they were defrauded by their schools, stemming from a 2022 settlement. The Biden administration had agreed to settle thousands of claims or automatically grant relief if a 2026 deadline was missed, which the Trump administration subsequently missed.