The Biden administration announced it would forgive $5.8 billion in student debt for 77,700 borrowers through the Public Service Loan Forgiveness program.
It also said President Joe Biden would email another 380,000 public service workers, notifying them that they're on track to have their debt canceled within two years.
The U.S. Department of Education has been routinely announcing waves of loan forgiveness, as the Biden administration uses its existing authority to leave people with less debt after the Supreme Court struck down its sweeping $400 billion loan forgiveness plan last June. The Biden administration has so far cleared the education debts of nearly 4 million people, totaling $143.6 billion in relief.
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 of on-time payments. In 2013, the Consumer Financial Protection Bureau estimated that one-quarter of American workersThe Biden administration has worked to fix those issues.
Prior to Biden's fixes to PSLF, just around 7,000 borrowers had received debt relief under the program, according to the administration. Since 2021, it said, 871,000 borrowers have now had their debt canceled under the program.Here's how interest rates have changed even as the Fed holds steady
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