A new federal report finds that record-keeping failures by the Education Department may have left thousands of Americans stuck with student debt that should have been forgiven.
The Biden administration will freeze federal student loan payments through Aug. 31, extending a moratorium that has allowed millions of Americans to postpone payments during the pandemic.
It was released a day after the Education Department announced changes to fix what it called "historical failures" of the program. Those changes are expected to help some borrowers get their loans discharged more quickly. Among more than $1 trillion in student debt held by the federal government, about half is being repaid through those plans.
Cordray agreed to a list of changes recommended by the GAO. He said his agency will identify and correct record-keeping errors, and will create a system to let borrowers check their progress toward loan forgiveness online, among other changes.
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