Gordie's Midday Gossip - Student Debt Relief is on the way

Student Loan Borrowers To Be Notified About Debt Relief Options

President Biden Delivers Address From The White House On Ending His Campaign WASHINGTON, DC - JULY 24: U.S. President Joe Biden speaks from the Oval Office of the White House on July 24, 2024 in Washington, DC. The president addressed reasons for abruptly ending his run for a second term after initially rejecting calls from some top Democrats to do so, and outlined what he hopes to accomplish in his remaining months in office. (Photo by Evan Vucci-Pool/Getty Images) (Pool/Getty Images)

By Gordie Daniels

August 01, 2024 at 9:15 am EDT

The Biden administration is outlining its next plan for student debt relief. The Education Department says Americans with at least one outstanding student loan will receive a letter notifying them about their relief options. Borrowers will automatically ‘opt in’ if they qualify for relief, but have the option to opt out. The administration hopes to make over 30 million Americans eligible for some form of student debt relief. Most of the people who are targeted have been paying off their loans over the past 20 years or those with runaway interest. Runaway interest is when borrowers owe much more than what they initially took out because of increasing interest, ABC News reported. The email will explain that they have a deadline to meet of Aug. 30 to tell their loan companies if they want to opt-out of the debt relief.