Kentuckians to receive student loan forgiveness in coming weeks

LOUISVILLE, Ky. (WDRB) -- Almost 11,200 people in Kentucky will receive nearly $448 million in loan forgiveness in the coming weeks, according to the U.S. Department of Education.

The Biden-Harris administration's plan will provide $39 billion in relief to more than 800,000 borrowers across the U.S., according to the U.S. Department of Education.

"These borrowers will join the millions of people that my Administration has provided relief to over the past two years – resulting in over $116 billion in loan relief to over 3 million borrowers under my Administration," Biden said in a statement. "My Administration has worked hard to secure the largest increases to Pell Grants in a decade, fixed broken loan programs such as Public Service Loan Forgiveness, and created a new income-driven repayment plan that will cut undergraduate loan payments in half and bring monthly payments to zero for low-income borrowers. And, when the Supreme Court made the wrong decision, I immediately announced a new plan to open an alternative path to relief for as many borrowers as possible, as soon as possible."

Eligible borrowers will be notified by the Department of Education if they qualify for forgiveness. According to the Department of Education, those receiving forgiveness will have repayment on their loans paused until their discharge is process, and borrowers who opt out of the discharge will return to repayment once payments resume this fall.

Borrowers can click here to learn details about the plan.