The U.S. Department of Education announced steps to bring millions of student loan borrowers closer to debt forgiveness — and to offer immediate debt cancellation to 40,000 borrowers. The agency said it is addressing “historical failures in the administration of thefederal student loan program,” according to an April 19 news release from the U.S. Department of Education. “Student loans were never meant to be a life sentence, but it’s certainly felt that way for borrowers locked out of debt relief they’re eligible for,” U.S. Secretary of Education Miguel Cardona said in the release. “Today, the…