Biden has just forgiven $5.8 billion in student debt: Here’s who benefits

On Thursday, President Biden used the Public Service Loan Forgiveness Program (PSLF) to forgive $5.8 billion in student loan debt for 77,700 public service workers.

Teachers, nurses, and firefighters are among those who will get the debt. According to the White House announcement, the Biden administration has erased student debt for nearly 870,000 public sector workers, for a total of $62.5 billion.

The public sector personnel who are receiving loans will receive an emailed message with the news, signed by Biden.

“Because you’ve pursued a career in public service, you’re on track to get your eligible student loans forgiven in less than a year through Public Service Loan Forgiveness,” the message goes on to say.

Read: How to get your student loans forgiven through PSLF

The respite is the consequence of changes made by the Biden administration to the PSLF program, which Education Secretary Miguel Cardona described in a statement as having “logistical troubles and trap doors.”

“Today, more than 100 times as many borrowers are qualified for PSLF as there were at the start of the administration. “The Biden administration is turning a promise broken by our predecessor into a promise kept,” Cardona stated.

The Biden administration stated in January that it will forgive $3.2 billion to those participating in the PSLF program. At the time, it had forgiven $56.7 billion to 793,400 PSLF borrowers.

Overall, as of January, it had forgiven the debts of almost 3.7 million student loan borrowers via PSLF or other means, such as changes to income-driven repayment (IDR) alternatives.

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