The Biden administration has approved debt relief for an additional 125,000 student loan borrowers, totaling $9 billion in forgiveness, the White House said Wednesday.
The announcement comes just days after federal student loan payments restarted after a three-plus-year pause.
An additional 53,000 borrowers will receive debt cancellation under the Public Service Loan Forgiveness program, which wipes away remaining student loan debt after qualifying public sector workers make 10 years’ worth of monthly payments. A White House official said that the new discharges bring the total approved debt cancellation to $127 billion for nearly 3.6 million borrowers so far during Biden’s time in office.
The Biden administration has also made efforts to make monthly student loan payments more affordable. This month, about 28 million borrowers will be required to make payments for the first time since accounts were frozen under the Trump administration to help people struggling financially due to the Covid-19 pandemic.
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