(LEX 18) — Nearly 11,200 borrowers in Kentucky will receive almost $448 million in loan forgiveness in the coming weeks.
According to the U.S. Department of Education, the plan by the Biden-Harris Administration would provide $39 billion in relief to more than 800,000 borrowers across the U.S.
"I have long said that college should be a ticket to the middle class - not a burden that weighs down on families for decades," said President Joe Biden in a statement.
Eligible borrowers were notified by the Department starting last Friday that they qualify for forgiveness without further action on their part. Discharges will begin 30 days after those emails were sent.
If borrowers wish to opt out of the discharge for any reason, they should contact their loan servicer during this period. Borrowers will be notified by their servicer after their debt is discharged.
Those receiving forgiveness will have repayment on those loans paused until their discharge is processed, while those who opt out of the discharge will return to repayment once payments resume.
