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(JUST THE NEWS) – Many borrowers who made student loan payments after March 2020, when a pandemic debt moratorium began, can expect to receive refunds "automatically" under President Biden's nearly $380 billion student debt forgiveness program.
The agency provided an example for borrowers who are applying for debt relief.
"If you're a borrower eligible for $10,000 in relief; had a balance of $10,500 prior to March 13, 2020; and made $1,000 in payments since then — bringing your balance to $9,500 at the time of discharge — we'll discharge your $9,500 balance, and you'll receive a $500 refund," the agency explained.
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