Today, the Biden-Harris administration announced another $4.28 billion in student loan forgiveness for nearly 55,000 borrowers in the Public Service Loan Forgiveness (PSLF) program. The latest debt cancellation news comes after years of challenges for the PSLF, recent payment pauses and legal disputes over student loan forgiveness.
This wave of student loan debt relief is a result of improvement the Department of Education made over the last few years to the Public Service Loan Forgiveness program.
PSLF offers student loan forgiveness to teachers, nurses, and other public service workers who have worked a qualifying job for ten years or more. After making 120 qualifying payments, PSLF borrowers can have their remaining balances wiped out.
The latest numbers bring the Biden administration’s total federal student debt relief amount to $78 billion for 1 million PSLF borrowers and $180 billion for nearly five million student loan borrowers.
Read more: Here’s What a Second Trump Term Means for Inflation, Taxes and Student Loans
What’s next for student debt relief?
Two Biden administration student loan initiatives remain tied up in the courts. The Saving on a Valuable Education repayment plan (SAVE) is currently on hold pending a final court ruling, and borrower payments have been paused. The Biden administration’s second attempt at widespread student loan forgiveness also remains on hold.
Biden Forgives Another $4.28 Billion in Student Loans for Teachers, Nurses and PSLF Borrowers
