The Biden administration has announced a student debt relief program worth $39 billion. This relief will benefit 804,000 borrowers who will have their student debt eliminated in the coming weeks. The debt relief is a result of fixes made to accurately count qualified monthly payments under existing income-driven repayment plans. Eligible borrowers will have their loans automatically discharged.

Education Secretary Miguel Cardona stated that this action corrects the failures of a broken system that did not keep track of borrowers’ progress toward forgiveness.

“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” said U.S. Secretary of Education Miguel Cardona in a release. “Today, the Biden-Harris Administration is taking another historic step to right these wrongs and announcing $39 billion in debt relief for another 804,000 borrowers. By fixing past administrative failures, we are ensuring everyone gets the forgiveness they deserve, just as we have done for public servants, students who were cheated by their colleges, and borrowers with permanent disabilities, including veterans. This Administration will not stop fighting to level the playing field in higher education.”

The relief comes on the heels of the Supreme Court ruling against Biden’s main student loan relief program. President Biden pledged to find other ways to forgive student loans.