The White House has approved nearly $144 billion in federal loan forgiveness for about 4 million borrowers in total, according to the administration.

The White House has approved nearly $144 billion in federal loan forgiveness for about 4 million borrowers in total, according to the administration.

President Joe Biden announced Thursday that the White Househas approved the cancellation of nearly $6 billion in federal student debt for thousands of public service workers.

The 78,000 eligible public service workers include teachers, nurses and firefighters, according to the White House.

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It’s the latest student debt cancellation move through Public Service Loan Forgiveness programs, which allow eligible borrowers to have their remaining debt forgiven if they have made a certain number of payments and are working for approved employers.

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Last year, the Supreme Court invalidated Biden’s more far-reaching student loan debt relief plan, arguing that it was unlawful because Congress did not explicitly approve the move.

  • chronicledmonocle@lemmy.world
    766·
    8 months ago

    I appreciate the efforts Biden is making here. I was looking forward to the $20k loan forgiveness for my wife’s student loans, but the new IBR plans reduced my monthly payments by 85% and has them going to be forgiven entirely in a few years. That right there sealed my vote for him, even though he hit roadblocks to the original plan.

    • Spiralvortexisalie@lemmy.worldEnglish
      124·
      8 months ago

      Could you be so kind as to provide more information, especially concerning that 85% reduction in payments. The white house when introducing the new plan estimated a top reduction of 83% in payments if you managed to make the stars align for the maximum benefit. I am interested on how its going for an average person because people I know with loans have only had complaints and no reductions or relief.