U.S. President Joseph Biden announced that an additional $4.5 billion in student debt will be forgiven for about 60,000 teachers, nurses, firefighters, and others, according to a statement from the Department of Education.
Eligible borrowers for this latest round of relief are expected to learn that their debt will be cleared in the coming weeks, reported CBS.
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The number of public service employees has increased to over one million during Biden’s administration. More than $73 billion in loans has been forgiven under the Public Service Loan Forgiveness (PSLF) program, which was signed into law by President George Bush in 2007. This program allows for the cancellation of federal student loans after 10 years of monthly payments by certain nonprofit and government workers.
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Source: Blic
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