3.9 million borrowers receive $138 billion in education debt relief

U.S. President Joe Biden announced that nearly 3.9 million borrowers have had their education debt erased, totaling $138 billion in relief. An estimated 300,000 people may be eligible for refunds. The Education Department is reviewing accounts of borrowers making payments for a decade or more to identify those eligible for forgiveness. The Department contracts with companies like Mohela, Nelnet, and Edfinancial, paying them over $1 billion annually to service federal student loans.