Student loan borrowers, check your email inbox in the upcoming days.
Starting on Aug. 1, the U.S. Department of Education said it will email all student loan borrowers with at least one federal loan to provide updates on potential debt relief. The department will also let them know they have until Aug. 30 to call their servicer and opt out if they don’t want the potential relief.
The rules around the relief aren’t finalized, the DOE said. Once they are this fall, borrowers will be given additional information on the relief. The email doesn’t guarantee borrowers will be eligible.
If these rules are finalized, they would bring the number of borrowers eligible for student debt relief to 30 million, the Department said.
“Today, the Biden-Harris administration takes another step forward in our drive to deliver student debt relief to borrowers who’ve been failed by a broken system,” U.S. Secretary of Education Miguel Cardona said in a statement. “These latest steps …