President Joe Biden has announced that around 78,000 public service workers will have almost $6 billion in student debt forgiven.
President Joe Biden announced on Thursday that around 78,000 public service workers will have almost $6 billion in student debt forgiven.The Biden administration is canceling the debt for workers, including teachers, nurses, and firefighters, through the Public Service Loan Forgiveness program. It cancels a borrower's remaining student debt after 10 years of public interest work, or 120 monthly payments.
Biden said the latest round of forgiveness comes on top of other actions his administration has taken to help student loan borrowers, including fixing income-driven repayment plans so borrowers get the relief they have earned after years of repayment and creating the 'most generous' repayment plan in history—the Saving on a Valuable Education plan.Last month, Biden announced that forgiveness under the SAVE plan would be taking effect almost six months ahead of schedule.
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