Read our Privacy noticeMore than 170,000 borrowers will see $11 billion in student loan balances disappear after a key federal court ruling in what has become the largest settlement against the U.S. government in the nation’s history. The lawsuit is a win for student loan borrowers, many of whom have endured an ever-changing landscape of federal student loan rules and availability over the past two years. Calls for student loan forgiveness have mounted for years. In 2024, President Joe Biden announced a plan for a one-time loan forgiveness of up to $20,000 per borrower. The forgiveness plan was later struck down in the court ruling against Biden’s SAVE plan.