Some student loan borrowers are getting refunds on top of loan forgiveness, heres who qualifies [Video]

Some student loan borrowers who have been making payments for over a decade under income-driven repayment and forgiveness programs have yet to see the forgiveness they were promised.

To correct this, the Biden administration is providing that forgiveness, and, as an added bonus, some borrowers are also receiving refunds for past payments, CNBC reported.

“Loan servicers were not tracking the number of qualifying payments, and the automatic forgiveness was not occurring,” higher education expert Mark Kantrowitz explained.

“As a result, some borrowers have been making payments for years, or even decades, beyond the point at which they should have received forgiveness.”

This lack of forgiveness has caused some borrowers to pay loans longer than required by these programs. In response, the Biden administration is reviewing the payment histories of borrowers and awarding forgiveness for those who have been in repayment for 20 to 25 years.

Student loan refunds are also being awarded …