Biden Administration Cancels $1.2 Billion in Student Debt for 35,000 Public Service Borrowers

Jul 18, 2024, 09:16 AM

The Biden administration has approved an additional $1.2 billion in student debt cancellation for 35,000 borrowers. This relief is part of the Public Service Loan Forgiveness (PSLF) program, which aims to assist those working in public service. President Joe Biden announced this latest effort on Thursday, which brings the total number of beneficiaries from various debt relief actions to 4.76 million people, with nearly $169 billion in total relief approved. Each of the 35,000 new beneficiaries will have approximately $35,000 in debt canceled. This announcement follows an earlier relief measure in May 2024, where $7.7 billion was forgiven for 160,000 borrowers.