💬 “I won’t back down from using every tool at our disposal to get student loan borrowers the relief they need to reach their dreams.”
— President Joe Biden
Last week, the Biden administration announced that it approved the cancellation of nearly $5 billion in additional federal student loan debt for more than 80,000 borrowers.
Borrowers who qualify fall into two categories: They either participated in the Public Service Loan Forgiveness (PSLF) plan, or they made at least 20 years of qualifying payments in an income-driven repayment (IDR) plan.
Many of these borrowers were informed last month that their outstanding federal student loan debt would be canceled, and they’ll be able to see their new balances in the coming weeks.
Those on an IDR plan have been making payments, but never got the relief they were promised, according to the White House.
Those getting relief under the Public Service Loan Forgiveness program include individuals who have been working in a government or nonprofit position, such as a teacher, firefighter, or police officer, for more than 10 years.
This announcement is just the latest round of student debt cancellation enacted by the Biden administration, which has approved $132 billion in relief for more than 3.6 million people.
Read the full story here.