Biden administration to forgive $5.8 billion in student debt for nearly 78,000 borrowers

The Biden administration has announced a significant milestone in its efforts to alleviate student loan burdens for public service workers.

Through the Public Service Loan Forgiveness (PSLF) program, $5.8 billion in student debt has been forgiven for 77,700 borrowers.

This comes as part of a broader effort by the administration to address long-standing issues with PSLF, which allows eligible employees in non-profit and government sectors to have their federal student loans canceled after 10 years of on-time payments.

Previously, the program was plagued by complexities and misinformation, resulting in very few borrowers actually receiving the promised relief.

President Biden has taken steps to fix these issues, reducing confusion and making it easier for qualified individuals to access the forgiveness they are entitled to.

As a result, since 2021, nearly 900,000 borrowers have had their debt canceled through PSLF.

This latest announcement also includes President Biden sending emails to an additional 380,000 public service workers, notifying them that they are on track to have their debt canceled within the next two years.

These individuals have made significant progress towards meeting the 10-year of on-time payment requirement and should be prepared to receive full loan forgiveness soon.

This mass forgiveness of student debt for public service workers is a significant step towards recognizing the critical contributions they make to our communities.

It also demonstrates the administration’s commitment to tackling the rising cost of higher education and providing relief to those who have dedicated their careers to serving others.