President Biden OKs another $5.8B student debt cancellation; targets relief to government and nonprofit employees

The Biden administration continued its push for student debt relief on Thursday, announcing the forgiveness of an additional $5.8 billion in federal loans. This move benefits nearly 78,000 borrowers, including teachers, firefighters, and other public sector workers.

To date, the administration has canceled a total of $143.6 billion in loans for almost 4 million borrowers through various measures, fixes, and federal relief programs. This marks the largest amount of student debt eliminated since the government began backing loans over six decades ago.

Biden’s initial proposal for loan forgiveness was thwarted by the Supreme Court. Falling short, Biden is finding ways to work around this block to provide much needed relief.  

The latest debt erasures specifically target government and nonprofit employees enrolled in the Public Service Loan Forgiveness program.