Biden cancels $4.5 billion in student debt for over 60,000 public service workers
CBSN
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. The Consumer Financial Protection Bureau in 2013 estimated that a quarter of American workers might be eligible.
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