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Student loan forgiveness is a major relief for borrowers — many of whom have been in repayment for decades. But after receiving debt cancellation, there are key steps you should take, experts say.
The Trump administration agreed last month to resume forgiving people’s education debts under programs that it had partially paused, including the Income Contingent Repayment plan, or ICR, and the Pay as You Earn plan, or PAYE. The concessions resulted from a lawsuit by the American Federation of Teachers against the U.S. Department of Education, which accused the government of blocking borrowers from opportunities mandated in their loan terms.
Even during the government shutdown, some student loan…