Biden administration to cancel another $4.8 billion in student loans
President Joe Biden's administration is expected to announce on Friday that $4.8 billion in student loans will be canceled for almost 55,000 people, who are public service workers.
President Joe Biden’s administration is expected to announce on Friday that $4.8 billion in student loans will be canceled for almost 55,000 people.
According to ABC News, with the new announcement, Biden’s administration has canceled “approximately $180 billion for nearly 5 million Americans.”
Biden’s Department of Education made the action through the Public Service Loan Forgiveness program, which forgives federal student loan debt to those in jobs such as nursing, firefighting, and teaching after 10 years of payments.
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”The public servants approved for debt cancellation today include teachers, nurses, service members, law enforcement officials, and other public service workers who have dedicated their lives to giving back to their communities and who are finally earning the relief they are entitled to under the law,” Biden said in the announcement.\
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Biden said, “Because of our actions, millions of people across the country now have the breathing room to start businesses, save for retirement, and pursue life plans they had to put on hold because of the burden of student loan debt.”
