President 's Education Department again moved to ease the burden of U.S. student loans on Tuesday, with the federal government claiming its latest reforms will wipe out debts for 40,000 such borrowers.Education Secretary Miguel Cardona called the current system a 'life sentence' for millions of low-income borrowers and pledged to correct 'historical failures' that have plagued repayment schemes like the income-driven repayment program (IDR) and Public Service Loan Forgiveness Program (PSLF). 'Student loans were never meant to be a life sentence, but it’s certainly felt that way for borrowers locked out of debt relief they’re eligible for,' Cardona said in a press release.
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