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Nearly 74,000 borrowers will see their student loan balances wiped after the Biden administration announced another batch of debt relief totaling $4.9 billion on Friday.
This latest action stems from fixes to the Public Service Loan Forgiveness program and an ongoing account adjustment for those on income-driven repayment plans. Following Friday’s announcement, the Biden administration has forgiven a total of $136.6 billion for more than 3.7 million borrowers, the Education Department said in a news release.
“Of the 74,000 borrowers approved for relief today, nearly 44,000 of them are teachers, nurses, firefighters and other individuals who earned forgiveness after 10 years of public service, and close to 30,000 of them are people who have been in repayment for at least 20 years but never got the relief they earned through income-driven repayment plans,” President Biden said in a statement.
Education Secretary Miguel Cardona said in a statement that the Biden administration is working “relentlessly” to address the hurdles and administrative inaccuracies that have kept borrowers from getting relief.
“Today we are helping borrowers who were promised help with their loans, planned their lives around those promises, and earned forgiveness through years of payments,” U.S. under secretary of education James Kvaal said in a statement. “The Biden-Harris Administration is not going to stop until we’ve helped all of those harmed by the broken student loan system.”
