Starting Monday, hundreds of thousands of federal student loan borrowers will receive emails from their servicers with the subject line “Your student loans have been forgiven.”
The notices will come as part of the Biden administration’s previously announced efforts to cancel debt for 804,000 borrowers who qualify for relief under their repayment plans but haven’t yet received it because of what officials have called administrative failures.
That isn’t enough, obviously, but there are people who will be paying student loans their entire lives because the interest is worth more than the loan. Also, even helping this 804,000 people will put more money into the economy, so this is overall a good thing for everyone.