Biden-Harris Administration Agrees to $5.8 Billion in Student Debt Relief for 78,000 Public Service Workers

President Joe Biden plans to reach out to an extra 380,000 public service workers to express gratitude for their contributions and to inform them that they are ahead in having their debts forgiven through the Public Service Loan Forgiveness (PSLF) program within the next two years.

Today, the Biden-Harris Administration sanctioned an additional $5.8 billion in student loan debt relief for 77,700 borrowers. These approvals stem from improvements made by the Administration to the Public Service Loan Forgiveness (PSLF) program. With this announcement, the total sum of loan forgiveness granted by the Biden-Harris Administration totals $143.6 billion for 3.96 million American individuals. This step further builds on President Biden’s commitment and the Administration’s drive to grant debt relief swiftly to as many borrowers as possible.

“Our teachers, nurses, social workers, firefighters, and fellow public servants have faced hurdles and bureaucratic obstacles when trying to access the debt relief they deserve under the law for too long. The Biden-Harris Administration is showcasing with this action how we are not only fixing those roadblocks but also broadening opportunities for numerous Americans,” expressed U.S. Secretary of Education Miguel Cardona. He added, “There are now over 100 times more eligible borrowers for PSLF than when the Administration began. A pledge that was broken in the past is now being fulfilled by the Biden Administration.”

The announced debt relief encompasses borrowers who benefited from the Administration’s limited PSLF waiver and regulatory enhancements made to the program. The total relief through PSLF now stands at $62.5 billion for 871,000 borrowers as of October 2021. Before the Administration’s fixes, only about 7,000 borrowers had received forgiveness.

“The Biden-Harris Administration is honored to provide relief to an additional 77,700 borrowers who have contributed to their communities through public service,” mentioned U.S. Department of Education Under Secretary James Kvaal. He further stated, “We trust this relief will offer borrowers and their families a much-needed respite.”

Moreover, nearly 380,000 borrowers who are within a two-year window or have completed 24 qualifying payments towards forgiveness under PSLF will soon receive an email from President Biden to acknowledge their service. The email underscores the importance of the Public Service Loan Forgiveness Program and encourages individuals to continue their public service work, entitling them to potential loan forgiveness within two years.

The unprecedented commitment to helping borrowers