The Biden administration announced on Thursday that it was forgiving another $4.5 billion in student debt for over 60,000 borrowers.
The Biden administration announced on Thursday that it has forgiven another $4.5 billion in student debt for over 60,000 borrowers.
Borrowers eligible for this round of relief should learn of their cancelled debt in the coming weeks., 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.
However, the program was plagued by problems. Often, borrowers believed they were on track to loan cancellation only to discover at some point that they didn't qualify on a technicality, such as their loan type or repayment plan.Before Biden took office, only 7,000 people had ever received the debt relief under PSLF, the U.S. Department of Education said. The program's rejection rate was as high as 98% in some years, it added.
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