Biden Administration Announces $4.5 Billion in Student Debt Relief for Over 60,000 Public Service Workers

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Summary

Biden cancels $4.5 billion in student debt for over 60,000 public service workers

President Joe Biden on Thursday said an additional $4.5 billion in student debt is being canceled for about 60,000 teachers, nurses, firefighters and others, bringing the number of public service workers to get relief during his administration to more than 1 million. More than $73 billion in loans have been forgiven under a 2007 initiative, according to an Education Department news release. Borrowers eligible for the latest round of relief should learn of their debt being cleared in coming weeks. The borrowers getting relieved of debt are benefitting from reforms to the government's Public Service Loan Forgiveness program. The PSLF program, signed into law by President George W. Bush in 2007, lets certain not-for-profit and government employees have their federal student loans canceled after 10 years of monthly payments.

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CBS News

Biden administration forgives student loans for 60,000 public service workers

The Biden administration announced Thursday that it is forgiving the student loans for more than 60,000 public service workers. The move gives $4.5 billion in debt relief to teachers, firefighters and other eligible workers who have been paying on their loans for more than 10 years. The administration credits the relief to fixes it has made to the Public Service Loan Forgiveness (PSLF) program over the past four years, which has resulted in more than 1 million public service workers seeing loan forgiveness, costing some $175 billion.

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The Hill

Biden rolls out $4.7B more in student loan handouts for over 60,000 public workers

The Department of Education said in a news release the relief came about from "significant fixes" to the Public Service Loan Forgiveness (PSLF) Program. The action brings the total loan forgiveness approved by President Biden to more than $175 billion for 4.8 million Americans, including $74 billion for more than one million borrowers through PSLF. "When President Biden and I took office, only 7,000 people had ever been approved for Public Service Loan Forgiveness. Today, I am proud to say that a record one million teachers, nurses, first responders, social workers, and other public service workers have received student debt cancelation," Vice President Kamala Harris said in a White House statement. A White House announcement Thursday morning put the total value of the handouts at $4.7 billion but later adjusted it to $4.5 billion.

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Fox Business

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News Results

60,000 student-loan borrowers in public service are getting $4.5 billion in debt cancellation while Biden's broader relief remains blocked in court

Biden announces $4.5 billion in student-debt cancellation for 60,000 borrowers in public service. It's a result of fixes to the Public Service Loan Forgiveness program over the past few years. At the same time, Biden's broader student-Debt relief plans remain stalled in court.

LEFT

8mo ago

White House forgives $4.5B in student debt for public service workers

The Biden administration announced Thursday that it’s forgiving an additional $4.5 billion in student debt for more than 60,000 public sector employees.

RIGHT

8mo ago

Biden administration forgives $4.5B in student loans for 60,000 borrowers in public service - UPI.com

The White House approved a new round of student debt relief on Thursday, totaling $4.5 billion for 60,000 public service borrowers.

MIDDLE

8mo ago

Biden Approves Another $4.5 Billion In Student Loan Forgiveness—Here’s Who Qualifies

Borrowers who have made payments for 10 years will have their debts forgiven. The program is called the Pledged Service Loan Forgiveness (PSLF) It's not clear if other borrowers will be eligible for the program, which is set to begin in 2022.

MIDDLE

8mo ago

Biden Cancels $4.5 Billion in Student Debt as Courts Consider Legality of Loan Forgiveness

Biden Cancels $4.5 billion in Student Debt as Courts Consider Legality of Loan Forgiveness. National Review: Biden's decision to cancel the debt is a mistake. Biden's move is a "mistake," says National Review's John Sutter. Sutter: Biden is wrong to cancel student loans.

RIGHT

8mo ago

Biden cancels $4.5 bln in public workers’ student loans

U.S. President Joe Biden on Thursday canceled another $4.5 billion in student debt for more than 60,000 borrowers, bringing the number of public service workers who have had their student loans for higher education forgiven to over 1 million.

MIDDLE

8mo ago

Biden forgives more student loans: 60,000 borrowers will get notices canceling $4.5 billion in debt

The Biden administration announced on Thursday that it was forgiving another $4.5 billion in student debt for over 60,000 borrowers.

LEFT

8mo ago

4.8M borrowers — including 1M in public service — have had student debt forgiven, Biden admin says

Biden administration approves $4.5 million in student debt relief for 60,000. That brings total relief to $74 million for more than 1 million people. Before Biden's presidency, only 7,000 people had ever received relief. Those who qualify for the program include nurses, social workers, teachers.

LEFT

8mo ago

Biden forgives another $4.5 billion in student debt

This latest item will benefit around 60,000 public employees. The president has already forgiven more than $170 billion.

MIDDLE

8mo ago

Pa. teachers, public service workers among latest to get student loans forgiven

Federal student loan forgiveness reaches 44,000 Pa. teachers and other public service workers who will receive debt forgiveness topping $3.2 billion since 2021 for Pa. borrowers. The latest loan forgiveness effort from the Department of Education brings the total number of those who have had their loans forgiven through the Public Service Loan Forgiveness program to 44,150.

MIDDLE

8mo ago

Biden Extends Pause For Some Student Loans For Six Months

President Joe Biden’s administration is extending the pause on student loan payments for borrowers enrolled in the Saving on a Valuable Education (SAVE) plan. The plan aims to have borrowers’ debts to be forgiven sooner and for more borrowers to have monthly payments of $0. A federal appeals court temporarily blocked the plan from taking effect in July.

MIDDLE

8mo ago

Biden Administration Forgives Another $4.5 Billion in Student Loans. Who's Eligible?

The Biden-Harris Administration announced Thursday that over 60,000 nurses, teachers and other public service workers will receive $4.5 billion in student loan debt relief. The forgiveness program, known as PSLF, was created to allow borrowers who work in public service to have their loans wiped out after making 120 qualifying monthly payments.

MIDDLE

8mo ago