Biden Administration Doles Out Another $5 Billion in Debt Relief
Katherine Knott
January 22, 2024
Nearly 74,000 borrowers will see their student loan balances wiped after the Biden administration announced another batch of debt relief totaling $4.9 billion on Friday.
This latest action stems from fixes to the Public Service Loan Forgiveness program and an ongoing account adjustment for those on income-driven repayment plans. Following Friday’s announcement, the Biden administration has forgiven a total of $136.6 billion for more than 3.7 million borrowers, the Education Department said in a news release.
“Of the 74,000 borrowers approved for relief today, nearly 44,000 of them are teachers, nurses, firefighters and other individuals who earned forgiveness after 10 years of public service, and close to 30,000 of them are people who have been in repayment for at least 20 years but never got the relief they earned through income-driven repayment plans,” President Biden said in a statement.
