The federal government will reportedly forgive $108 billion in student loan debt, in response to a new report from the Government Accountability Office, according to The New York Times.
The $108 billion figure is substantially higher than the amount expected to be relieved through a current plan that would tie repayment to borrowers' earnings. The plans in place via the Department of Education, would seek to provide relief to over 5 million borrowers carrying more than $355 billion in debt.
The aforementioned report, issued by the GAO, was apparently highly critical of The Education Department's budget estimates for the programs, and recommended an additional $29 billion be discharged due to death or disability.
The additional funds would supplement a program that aims to make paying off debt easier by setting monthly payments proportionally based on the borrower's income, extending repayment windows, and ultimately forgiving remaining balances.