Student Borrowers Tap a New Path to Loan Forgiveness: Bankruptcy.

More Americans are filing for bankruptcy to eliminate their student debt, following a policy change by the Biden administration that made it easier for borrowers to apply for bankruptcy. The number of borrowers using this new process has increased, with 632 borrowers using it from November 2022 to September 2023. The Department of Justice expects these numbers to continue to rise as more lawyers and borrowers become aware of this option. The Biden administration's efforts to forgive debts for eligible student borrowers include the bankruptcy policy shift, which is part of their larger plan for debt forgiveness. [Extracted from the article]