According to the figures released Tuesday, in Georgia there are 38,590 borrowers who will qualify to receive $2.13 billion in forgiveness.

The Biden administration has framed the new policy as a correction to the way the monthly payments for income-driven repayment (IDR) plans are calculated. Some plans will forgive the remaining debt after 20 or 25 years of making qualifying monthly payments.

It will apply to those with Direct Loans and Federal Family Education Loans. Loans still with the Department of Education may earn credit during repayment, qualifying them for Income Driven Repayment forgiveness if it reaches the threshold. 

New credit for monthly qualifying will be applied to: