Biden administration forgives $4.5 billion in student debt for over 60,000 public service workers

Source: CNBC

Published Thu, Oct 17 20245:00 AM EDT


The Biden administration announced on Thursday that it was forgiving another $4.5 billion in student debt for over 60,000 borrowers.

The latest round of relief is a result of the U.S. Department of Education’s fixes to the popular, but once troubled, Public Service Loan Forgiveness program.

President Joe Biden, who has forgiven more education debt than any other president in U.S history, said that the number of borrowers to benefit from the program under his administration now exceeded 1 million. “Public service workers – teachers, nurses, firefighters, and more – are the bedrocks of our communities and our country,” Biden said in a statement. “But for too long, the government failed to live up to its commitments.”

The PSLF program, signed into law by President George W. Bush in 2007, allows certain not-for-profit and government employees to have their federal student loans canceled after 10 years. In 2013, the Consumer Financial Protection Bureau estimated that one-quarter of American workers may be eligible.

Read more: https://www.cnbc.com/2024/10/17/student-loan-forgiveness-biden-public-service-debt.html