Over 643,000 federal student loan borrowers await plans or forgiveness

AI Summary

More than 643,000 federal student loan borrowers are currently awaiting repayment plans or debt forgiveness, per a recent court filing. As of late March, 553,966 borrowers had pending requests for an income-driven repayment plan, while 89,720 sought answers regarding Public Service Loan Forgiveness (PSLF) buyback applications. The Biden administration's new buyback option is designed to aid borrowers in accelerating their path to forgiveness. Although the U.S. Department of Education made progress, processing reduced pending IDR applications to 576,600 as of February and forgiving 21,200 debts in March, challenges persist for borrowers seeking PSLF relief.