Education Department will cancel student debt for more than 320,000 borrowers

The debt forgiveness, which will go to borrowers with a total and permanent disability, will be automatically granted using data already available to the Social Security Administration.

Education Department will cancel student debt for more than 320,000 borrowers

The U.S. Department of Education announced Thursday it will cancel $5.8 billion in student debt for more than 320,000 borrowers.

The debt forgiveness, which will go to borrowers with a total and permanent disability, will be automatically granted using data already available to the Social Security Administration. People should start seeing the relief in September.

The Education Department said it also plans to stop asking these borrowers to continue sharing earnings data after they receive the relief.

To read more on this story, click here: Education Department will cancel student debt for more than 320,000 borrowers