Washington — The Biden administration is canceling federal student loans for another 55,000 workers through an existing program known as Public Service Loan Forgiveness.
The Education Department’s announcement Friday targets teachers, nurses, service members, law enforcement officials and others who’ve reached eligibility through the program, which promises to erase loans after 10 years of work in government or nonprofit jobs.
The $4.28 billion in relief is expected to be the final round of public service loan forgiveness before President Biden leaves office in January. After failing to deliver his promise of widespread loan cancellation, Mr. Biden has instead focused on expanding loan relief through programs that were created before his presidency.
Under Mr. Biden, the Education Department loosened the rules for Public Service Loan Forgiveness, which previously had a 99% rejection rate amid burdensome rules and widespread confusion over eligibility requirements.
With the latest round of relief, Mr. Biden has now canceled an unprecedented $180 billion in federal student loans through existing programs, covering 4.9 million Americans. That includes $78 billion for roughly 1 million borrowers through the PSLF.
Biden in likely last round of student debt forgiveness before leaving office, $4.28 billion worth for 55,000 workers
