The Biden administration has introduced several programs to help make student loans more affordable, as well as to create a clearer path to loan forgiveness for millions of federal student loan borrowers. For example, the SAVE Plan will reduce monthly loan payments for millions of people, and the "on-ramp" to repayment will make it easier for many borrowers to gradually resume loan repayment.

However, none of this helps student loan borrowers currently in default. According to the Education Data Initiative, about 5% of all student loan debt is in default, which means that the number is likely in the millions, since there are more than 43 million federal student loan borrowers.

For this group, the Department of Education is offering a one-time opportunity to get out of default and get back on track for good.

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Source Fool.com