There are approximately 4.4 million borrowers seeking forgiveness through the income-driven repayment plan, but only a tiny fraction was approved. 

As of March, however, only 32 borrowers have been forgiven out of millions, according to Insider. Persis Yu, Policy Director and Managing Counsel at the Student Borrower Protection Center, said millions of borrowers are still struggling to make payments, and the Biden Administration needs to help them. 

"Millions of student loan borrowers are buckling under the weight of a broken system," Yu said. "the failures of income-driven repayment have kept borrowers in unaffordable debt for decades too long. It is time for the Biden Administration to do its part and fulfill the promise of IDR by giving borrowers the credit they deserve."

According to Business Insider, the income-driven repayment (IDR) program was established to help borrowers—who are still making payments after 20 to 25 years—cancel their remaining debt balances. 

The program will consider estimates of the borrower's income and family size to calculate small but manageable monthly payments. To qualify for the payment plan, borrowers must prove that their payments for the IDR plan are lower than standard payments through annual tax documents.