The U.S. Department of Education (ED) on Aug. 1 began emailing all borrowers with at least one outstanding federally held loan to provide updates on potential forthcoming student debt relief and inform them they have until Aug. 30 to contact their servicer to opt out of this relief. According to the press release, the email notification does not guarantee eligibility for debt relief, and additional details on the debt relief will be provided in the fall once the rules are finalized. In April, the Administration released its first set of draft rules that propose authorizing the Secretary of Education to grant student debt relief to certain borrowers, including those whose balances have grown due to interest accrual and those who entered repayment on their loans a long time ago, among others.
Visit StudentAid.gov for more information or to sign up for email updates.
