Biden administration to forgive $5.8 billion in student debt for nearly 78,000 borrowers
The Biden administration announced Thursday it would forgive $5.8 billion in student debt for 77,700 borrowers through the Public Service Loan Forgiveness program.
It also said President Joe Biden would email another 380,000 public service workers starting next week, notifying them that they’re on track to have their debt canceled within two years.
The U.S. Department of Education has routinely announced waves of loan forgiveness, as the Biden administration seeks to use its existing authority to leave people with less debt after the Supreme Court struck down its sweeping $400 billion loan forgiveness plan last June. The Biden administration has so far cleared the education debts of nearly 4 million people, totaling $143.6 billion in relief.
“For too long, our nation’s teachers, nurses, social workers, firefighters, and other public servants faced logistical troubles and trap doors when they tried to access the debt relief they were entitled to under the law,” U.S. Secretary of Education Miguel Cardona said in a statement about the latest round of forgiveness.
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http://www.cnbc.com/2024/03/21/biden-to-forgive-5point8-billion-in-student-debt-for-nearly-78000-borrowers.html
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