Student loan forgiveness: Who is eligible for the $39 billion student debt forgiveness plan?

economictimes.indiatimes.com:

Supreme Court's decision in June, which prevented Biden from implementing a more extensive plan to forgive $441 billion in loans. The program introduced by the Department of Education specifically targets borrowers who are enrolled in income-driven repayment (IDR) plans for their federal student loans. Under an IDR plan, borrowers are required to make consistent payments for a period of either 20 or 25 years. Once this payment period is completed, the government forgives any remaining balance. The Education Department aims to address the issue of inaccurate accounting that caused many borrowers to lose progress towards loan forgiveness. It also alleges that some loans were mistakenly placed in forbearance by loan servicers. As part of the new program, past payments made by IDR borrowers will be acknowledged and credited towards their progress towards loan forgiveness, which should have been achieved by now.

Under the new forgiveness plan, borrowers who are already eligible for some forgiveness through an existing program will benefit. To qualify, they must have made a minimum of 240 or 300 monthly payments, depending on their specific repayment plan and loan type. Previously, late, partial, or deferred payments did not count towards meeting this requirement. Eligible borrowers enrolled in income-driven repayment (IDR) plans will receive notification about the new forgiveness plan in the coming days. The discharge process will commence 30 days after an emailed notice is sent. This includes borrowers with Direct Loans or Federal Family Education Loans, including Parent PLUS loans, held by the Education Department.To be eligible for forgiveness under the IDR plan,