The Department of Education recently announced it would be forgiving $39 billion in student loan debt for 804,000 federal student loan borrowers. Although the forgiveness plan has faced legal challenges, a federal judge has already dismissed the lawsuit seeking to block it, so it can now proceed as planned.

Who qualifies for this loan forgiveness, and why are so many student loans suddenly being forgiven? Here's a rundown of who might be about to have their student loan balances wiped clean and why you might benefit from this forgiveness initiative, even if your loans aren't being forgiven right away.

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Source Fool.com